A term life insurance policy provides coverage for a specified period, usually 10, 20 or 30 years. The premiums remain level during this time and do not increase with age. If you pass away within the term of your policy, your beneficiaries will receive the death benefit. However, if you outlive the term, coverage ends and there is no payout. A term life insurance application typically requires basic information about yourself such as name, address, date of birth, social security number, and employment details. It may also ask for health-related questions to determine your eligibility and premium rate.