Life insurance that pays out only if you die within a fixed period (the term).
Term assurance covers a defined number of years — often matched to a mortgage or to the years children are dependent. If you die within the term, the policy pays the sum assured; if you outlive it, the cover ends with no pay-out and no cash value. Because cover can expire unpaid, term assurance is usually the cheapest form of life insurance. Level term keeps the sum assured fixed; decreasing term lets it fall over time.