The death benefit will only be paid out if the policyholder dies during the chosen term. Some term policies can also be converted to a permanent life insurance policy
The most common type of death benefit for a term policy is a level term policy, which means that the value of the death benefit stays the same for the entire time your policy is active.
The benefit can also be decreasing, meaning it shrinks over time, typically in one-year increments. without a medical exam, like whole or universal life insurance, once the term is up.
The most common type of death benefit for a term policy is a level term policy, which means that the value of the death benefit stays the same for the entire time your policy is active.