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Term life insurance, also known as pure life insurance, is a type of life insurance that guarantees payment of a stated death benefit if the covered person dies during a specified term. Once the term expires, the policyholder can either renew it for another term, convert the policy to permanent coverage, or allow the term life insurance policy to terminate.

• Term life insurance guarantees payment of a stated death benefit to the insured's beneficiaries if the insured person dies during a specified term.
• These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance product.
• Term life premiums are based on a person’s age, health, and life expectancy.
• Depending on the insurance company, it may be possible to turn term life into whole life insurance.
• You can often purchase term life policies that last 10, 15, or 20 years.