A term life policy
A term life policy is only designed to provide coverage for a set amount of time, such as 10, 20, or even 30 years. You are in agreeance with the insurance company to pay them a premium each month to be covered for the designated length of your policy. If you happen to die within the term of your policy, your beneficiaries will receive the death benefit. If you let your term policy end and you do not renew it or convert it to a permanent policy, you will no longer have coverage. This means if you were to die after your policy has ended, your beneficiaries would not receive a death benefit.