Term life insurance is a type of life insurance policy that provides coverage for a specific period, or term, typically ranging from 5 to 30 years. If the insured individual passes away during the term, the policy pays out a death benefit to the designated beneficiaries. It's often more affordable than permanent life insurance because it doesn't accumulate cash value or offer investment options. Term life insurance is commonly used to provide financial protection for loved ones during periods of high financial responsibility, such as paying off a mortgage or supporting dependents.