Term life insurance is a type of life insurance that offers coverage for a fixed period. It pays out if you die during the term, but it doesn’t accumulate funds to cover any expenses after the term expires. There are many reasons why people need term insurance. For example, if you have dependents that rely on your income or if you want to provide for your family in case something happens to you. Term life insurance can also help pay off debts, cover medical expenses, and more.