Term Life insurance is the most basic and most affordable type of life insurance. Term Life insurance gives you coverage for a particular period of time usually 5, 10, 15, 20, 25, or 30 years. If the policyholder dies within the specified period of the term, the life insurer is obligated to pay the death benefit in full. If the term ends while the term life insurance policy is still alive, the policy terminates. There is however usually an option to renew, but this is almost always at a higher rate. Term Life insurance is often referred to as a “Death Benefit Only” life insurance, because unlike all types of Permanent Life insurance, term insurance has no cash surrender value.