A life insurance policy that is bought for a certain amount of time is how you can define term life insurance. This policy is best if you are looking to cover certain costs in the event that a tragedy occurs. The time period for this policy is most likely a set number of years such as 10 or 20. The policy can be written to end at a certain age such as 75. It generally becomes more expensive the older you are.
You will not accumulate wealth with a term life insurance policy. That is the downfall of this type of policy. It is best if you are looking for a plan that is most affordable. You will only received the stated amount of benefits with this policy. It is important that you do your research to find the best rates and the best plan for you and your family.
You are not obligated to continue your policy after the term ends. At the end of your term you can decide if it is beneficial to continue your coverage. Work with an insurance professional to decide the best policy for your needs and how much total coverage is applicable for your situation.