Term life insurance is a type of life insurance coverage that provides financial protection for a specified period, or "term," of time. It is designed to provide coverage for a specific number of years, such as 10, 20, or 30 years, during which the policyholder pays regular premiums to the insurance company.

Key features of term life insurance include:

1. Fixed Term: Term life insurance provides coverage for a predetermined period, after which the policy expires. If the insured person dies during the term of the policy, the insurance company pays out the death benefit to the designated beneficiaries. However, if the insured person outlives the term of the policy, no death benefit is paid out.

2. Death Benefit: The death benefit is the amount of money that the insurance company pays to the beneficiaries upon the death of the insured person during the term of the policy. The amount of the death benefit is determined by the policyholder at the time of purchasing the policy and remains fixed throughout the term.

3. Premiums: Premiums for term life insurance are typically lower compared to permanent life insurance policies, especially in the early years of the policy. Premiums are usually paid monthly or annually and remain level for the duration of the term.

4. Renewal and Conversion Options: Some term life insurance policies offer the option to renew the policy at the end of the term, usually at a higher premium rate. Additionally, some policies may include conversion options, allowing the policyholder to convert the term policy into a permanent life insurance policy without the need for a medical exam.

5. No Cash Value: Unlike permanent life insurance policies (such as whole life or universal life insurance), term life insurance policies do not accumulate cash value over time. If the policyholder stops paying premiums or cancels the policy, there is no cash value or surrender value to receive.

Term life insurance is often chosen by individuals who have temporary financial obligations or who want affordable coverage for a specific period, such as to cover a mortgage, children's education expenses, or income replacement during the working years.