Term life insurance is a type of life insurance that provides coverage for a specific period, typically 10, 20, or 30 years. If the policyholder passes away during the term, the insurance company pays a death benefit to the beneficiaries. It's often more affordable than whole life insurance, but it doesn't have a cash value component and expires at the end of the term if not renewed. Term life insurance is commonly used to provide financial protection for dependents in case the policyholder dies prematurely.