Term life insurance is a type of life insurance that provides coverage for a specific period of time, or 'term.' It pays a benefit in the event of the insured's death during the term of the policy. This type of insurance is often chosen for its affordability and simplicity. Term life insurance does not build cash value and is designed to provide financial protection for a set number of years, such as 10, 20, or 30 years. Premiums for term life insurance are typically lower than those for permanent life insurance, making it an attractive option for individuals seeking temporary coverage or those on a budget. It's important to note that once the term of the policy ends, the coverage also ends unless the policy is renewed or converted to a permanent life insurance policy. This type of insurance can be beneficial for individuals who want to ensure financial protection for their loved ones during specific periods of their lives, such as while paying off a mortgage or while children are still dependent. It's essential to carefully consider the terms, coverage amount, and duration when choosing a term life insurance policy to ensure it aligns with your specific needs and financial goals.