Term life insurance is the cheapest, simplest type of life insurance. Term life insurance is temporary, meaning that a policy of term life insurance provides coverage for only a certain number of years. (You can choose 5, 10, 15, 20, 30, etc. depending on the life insurance company.) If the insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit per premium dollar over a specific period of time.