Term life is the simplest and least expensive coverage that stays in effect for a period, or term, of time. You choose 10, 15, 20, 25, or 30 years of coverage and the policy will be in place for that amount of time.
If the insured individual dies during that coverage period, or term, the insurance policy will pay out a death benefit to the beneficiaries.
Monthly payments will not change during the term or period of coverage.
Here’s more information on term life insurance.