Term life insurance is a type of life insurance that provides coverage at a fixed rate of payments for a limited period of time, known as the term. After the term expires, the coverage at the previous rate of premiums is no longer guaranteed, and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Here are some key features of term life insurance:

• It is typically the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time.
• It can be contrasted to permanent life insurance such as whole life, universal life, and variable universal life, which guarantee coverage at fixed premiums for the lifetime of the covered individual unless the policy is allowed to lapse due to failure to pay premiums.
• It is not generally used for estate planning needs or charitable giving strategies but is used for pure income replacement needs for an individual.
• Its primary use is to provide coverage of financial responsibilities for the insured or their beneficiaries, such as consumer debt, dependent care, university education for dependents, funeral costs, and mortgages.

Term life insurance can be purchased for a term of one year, but basic term life insurance lengths are 10, 20, or 30 years. The process of buying a term life insurance policy varies depending on the company or broker used, but in general, one would start by shopping around for a policy that fits their needs and then contact an insurance agent, broker, or company to start the application process. Some term policies can also be converted to a permanent life insurance policy without a medical exam, like whole or universal life insurance, once the term is over.