Term life insurance provides coverage for a specific period of time, or "term" of years. If the insured person dies within the "term" of the policy and the policy is still in force (active), then the death benefit is paid out to the beneficiary.

This type of insurance typically allows clients to initially purchase more insurance coverage for less money (premium) than other kinds of life insurance. Primerica's "Buy Term and Invest the Difference" philosophy encourages clients to take this "difference" in premium and invest it for the future.