Do you have a term life insurance policy? A term life insurance policy
is for a specific period of time. It will only provide coverage for a set period of time, such as 10, 15, or 25 years. During this time, if your policy is active, and you die, the policy will pay out benefits. But if you have a 10-year term life insurance and you die in the 11th year, unfortunately, the policy will not pay your beneficiaries.