Can you explain how a term life insurance policy works?

A term life insurance policy provides coverage for a specific period of time, usually 10, 20, or 30 years. If the insured person dies during the term, their beneficiaries receive a death benefit. If the insured person outlives the term, the policy expires and no benefits are paid out. Premiums are typically lower for term life insurance compared to whole life insurance because there is no cash value component.