Term life insurance is the life insurance that offers insurance coverage at predetermined amounts dollars for an exact period of time. The term can be one year, five years, ten years or even 20 years. It is a legal agreement between the insured and the insurer any time the death of the insured, his family is entitled death benefit. Death benefit is the money that the insurer hands to the beneficiary in return for the premiums that the insured has been paying for so long.