Term life insurance provides coverage for a specific period, such as 10, 20, or 30 years. If the policyholder passes away during this term, the beneficiaries receive a death benefit. This type of insurance is often the most affordable option and is ideal for those seeking temporary coverage for financial obligations like mortgages, education expenses, or income replacement during working years. Term life insurance offers simplicity and straightforward protection without the cash value component of permanent policies.