A 5 year term life insurance policy is a type of life insurance coverage that provides protection for a specific period of time, typically 5 years. During this period, if the insured person passes away, the policy will pay out a death benefit to the designated beneficiaries. However, if the insured person survives the entire duration of the policy, there is no payout at the end. Term life insurance is different from permanent life insurance in that it provides coverage for a fixed term, whereas permanent life insurance provides coverage for the entire lifetime of the insured individual. Term life insurance policies are generally more affordable compared to permanent life insurance policies, making them a popular choice for individuals who want coverage for a specific period of time, such as to protect their family during a mortgage term or while their children are young. It's important to note that once the term of the policy expires, the insured person may have the option to renew the policy, convert it to a permanent policy, or let it lapse. It's advisable to review your insurance needs and consult with a licensed insurance professional to determine the best type and duration of life insurance coverage for your specific situation.