Term life insurance is a type of life insurance policy that provides coverage for a specified period or "term," typically ranging from 10 to 30 years. If the insured dies during the term, the policy pays a death benefit to the designated beneficiaries. If the term expires and the insured is still living, the coverage ends with no payout. Term life insurance has no cash value component and offers pure death benefit protection, making it the most affordable type of life insurance. Policies may be renewable at the end of the term, though typically at significantly higher premiums.