The word Term Life Insurance can confuse some because they often think it covers the whole term of the individuals life. Term life insurance gives the owner coverage for a specified time frame. After this time frame, the owner can basically get rid of this policy or they can pay to continue the same coverage but there will be a premium added to this. During this time if the owner of this life insurance passes away, then the beneficiary will get the paid the benefit. Term life insurance is the most inexpensive way to get some type of death benefits.
The purest of all life insurance forms, term life insurance never accumulates any cash value and is pure protection insurance because of this.
The functions of term insurance are that it will cover the claims of that of what is insured if the coverage is paid (premiums) and up to date. This means that whatever the owner of the insurance is entitled to with the coverage during the specific time frame, they will have the insurer satisfy their claim as long as the policy details are met.
The risk of this is that the individual decides to discontinue the coverage or does not meet the premiums on the coverage then they insurer does not have to cover any of the cost. This is simply risk protection.