Term life insurance is a type of life insurance policy that provides coverage for a specific period of time, typically between 10 and 40 years. If the insured person dies during this term, the beneficiaries receive a lump sum death benefit. Term life insurance is generally more affordable than whole life insurance because it doesn't have a cash value component or long-term coverage.
 

Here's a more detailed explanation:

Term life insurance offers coverage for a set number of years, unlike whole life insurance which provides lifetime coverage.
 

Death Benefit:
If the policyholder dies during the term, the death benefit is paid to the designated beneficiaries.
 

Affordability:
Term life insurance is often more affordable than whole life insurance, making it a good option for those who want coverage for a specific period without the investment component of whole life policies.
 

Premium:
Premiums for term life insurance generally increase as the insured person gets older.

No Cash Value:
Term life policies don't accumulate a cash value, meaning there's no investment element or option to borrow against the policy.
 

Types of Term Life Insurance: 
Fixed Term: Premiums remain the same for the duration of the term (10 to 40 years). 

Fixed Term LB: Same as fixed term plus living benefits (Terminal Illness, Critical Illness, Chronic Illness).

Return of Premium: Same as fixed term, but at the end of term you get majority of premium back.

Annual Renewal: The policy is renewed annually, and premiums may increase as the insured ages.