Term life insurance is a type of life insurance that provides coverage for a specified period, or "term," typically ranging from 10 to 30 years. Here are the main features:

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Advantages:

1. Affordable Premiums: Much cheaper than whole or universal life for the same coverage amount.
2. High Coverage for Low Cost: Lets you get large death benefits at a lower price.
3. Simple to Understand: Straightforward protection with no cash value or investment components.
4. Great for Temporary Needs: Ideal for covering debts, mortgages, or income replacement during working years.
5. Convertible Options (in many policies): Can often be converted to permanent coverage without a medical exam.

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Disadvantages:

1. Expires After Term Ends: Once the term is over, coverage stops unless you renew (often at a much higher rate).
2. No Cash Value: Pure protection — no savings or investment component.
3. Premiums Increase on Renewal: Costs can jump significantly if you extend coverage later in life.
4. Not Lifetime Protection: If you outlive the term, your family receives no payout.
5. Renewal May Require New Underwriting: In some cases, you may need to requalify based on your health.

Term life insurance is often chosen by those who want coverage for specific periods, such as until children are grown or until a mortgage is paid off, providing peace of mind without long-term financial commitment.