Term life insurance, sometimes known as pure life insurance, is a form of life insurance that ensures the payment of a defined death benefit if the insured person dies within a certain time frame. When the term life insurance policy's term expires, the policyholder has the option of renewing it for another term, converting the policy to permanent coverage, or allowing the policy to lapse.If the insured individual dies during a set term, term life insurance ensures payment of a stipulated death benefit to the insured's beneficiaries. Premiums for term life insurance are determined by a person's age, health, and life expectancy.These plans are worthless save for the guaranteed death benefit and lack any savings benefits such as complete life insurance.

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