Term life is bought for a given amount of time, typically between 5 and 30 years, and provides death benefits to your beneficiaries if you should pass during the term. (trustedchoice.com)
These policies are relatively cheap and pay out a tax - free death benefit to your beneficiaries if you die before the end of the policy term. (policygenius.com)
However, your life insurance remains in force and will pay a lump sum death benefit to your beneficiary when you die. (insuranceandestates.com)