What is term life insurance and how does it work?

Term life insurance provides a death benefit for a specific period — typically 10, 20, or 30 years. If you die during the term, your beneficiaries receive the death benefit tax-free. If the term expires and you're still alive, coverage ends (though many policies can be renewed or converted to permanent coverage). Term is pure protection — no cash value, no investment component. It's the most affordable way to get a large death benefit.