Term insurance is a type of life insurance that provides coverage for a specified period, usually between 10 to 30 years. It offers protection against death during this term and pays out a lump sum amount to your beneficiaries if you pass away within the policy's duration. The premiums remain level throughout the term and do not accumulate any cash value like whole life insurance policies. Term insurance is typically more affordable than permanent coverage, making it an attractive option for those who need temporary protection or want to maximize their savings.