Term Insurance is a type of life insurance policy that provides temporary coverage lasting for a specific number of years. Usually, term insurance offers coverage for a term (duration) of 10, 15, 20, 25 or 30 years. If you outlive the policy term, the coverage ends. If you pass away during the policy term, the death benefit is paid out to your beneficiary. Term insurance is usually the cheapest type of life insurance lasting for 30 years or less.