Term life Insurance is temporary coverage for a period of up to 30 years. If you pass away during the term of your policy, your beneficiary receives the death benefit. If you outlive your term, there is no benefit paid out. Term life covers any death resulting from an accident or natural causes as defined in your life insurance policy contract. Suicide is not covered if it occurs within 2 years of purchasing your policy (one year in some states). Learn more about what term life insurance covers.