Term [URL=https://www.taylorbenefitsinsurance.com/the-expiry-conundrum-what-happens-when-your-term-life-insurance-expires/]life insurance[/URL] is a type of life insurance policy that provides coverage for a specified “term” or period of time. If the policyholder passes away within this term, a death benefit is paid out to their beneficiaries. However, if the policyholder outlives the term, no such benefit is provided. The common durations for these policies are typically 10, 20, or 30 years, and they are favored for their affordability relative to other types of life insurance.