Insurance plan which pays a beneficiary only when an insured dies within a specified period. There are no permanent policy benefits such as cash or loan value. The premiums are age based and the policy is convertible (you may transfer to an individual policy with the same face amount but a more expensive premium schedule).
Term life is insurance that is temporary, as opposed to permanent life insurance. Term life is often sold in 5 year or 10 year terms. Term life can be very affordable when the buyer is young, and quite expensive for an older purchaser.
Life insurance issued for a specific number of years.