Term insurance is a type of life insurance policy that provides coverage for a specified period, or "term," such as 10, 20, or 30 years. It is designed to offer financial protection to beneficiaries if the policyholder dies during the term of the policy. Here are the key features and benefits of term insurance:

1. Coverage Period: Term insurance provides coverage for a specific term, which can range from one year to several decades. If the policyholder dies within this period, the beneficiaries receive the death benefit.

2. Death Benefit: The death benefit is the amount of money paid to the beneficiaries upon the death of the policyholder. This benefit is typically used to cover expenses such as funeral costs, debts, mortgage payments, and living expenses.

3. Premiums: Term insurance premiums are generally lower than those of permanent life insurance policies because it only provides coverage for a limited period and does not accumulate cash value. Premiums can be level (fixed) for the entire term or may increase over time.

4. No Cash Value: Unlike permanent life insurance policies, term insurance does not build cash value. It is purely a death benefit protection policy.

5. Renewability: Many term insurance policies offer the option to renew the policy at the end of the term, though the premium may increase based on the policyholder's age and health at the time of renewal.

6. Convertibility: Some term insurance policies include a convertibility feature, allowing the policyholder to convert the term policy into a permanent life insurance policy without undergoing a medical exam, usually before a certain age or policy anniversary.

7. Affordability: Term insurance is often the most affordable type of life insurance, making it an attractive option for individuals who need substantial coverage at a lower cost.

8. Flexibility: Policyholders can choose the term length and coverage amount that best suits their needs, such as matching the term to the duration of a mortgage or until children reach adulthood.

9. Use Cases: Term insurance is ideal for covering temporary financial responsibilities, such as income replacement, debt repayment, and providing for dependents until they become financially independent.

Term insurance is a straightforward and cost-effective way to ensure financial security for one's beneficiaries in the event of the policyholder's untimely death during the coverage period.