term life insurance
An example of term life insurance is an insurance policy you buy that will pay a death benefit to your spouse if you die within the next 30 years.
term life insurance - Investment & Finance Definition
A life insurance policy that provides protection for a certain period of time. If death occurs during that time, the benefits are paid to the beneficiary. Term insurance is the least expensive type of life insurance because the policy generates no cash value. Universal life insurance, in comparison, has an investment component and allows cash value to build over the life of the policy.