"Term life insurance" refers to a type of life insurance policy that provides protection for a specified period of time, i.e., the "term" of the policy. Benefits are paid only if the insured dies during the term of the policy. If the insured is still living at the end of the term, the policy simply expires, and no benefits are paid, no portion of the premiums is refunded. Term life insurance is usually the least expensive type of life insurance available.