Term Life Insurance is an agreement you make with the insurance company for a certain amount of time, or "term." If the insured person passes away during the "term," the beneficiary is awarded (tax free) the amount of the policy; usually between $50,000 and $1,000,000.
Term Life Insurance provides the highest levels of insurance coverage with the lowest monthly premiums.  Typically, rates are guaranteed for 5, 10, 15, 20 or 30 years, depending on the age of the applicant.  Term Life Insurance is best used to protect the family of the insured by helping to cover obligations such as mortgages, loans, or school.