Most Term Life is simple and straight forward. Term life insurance is a type of life insurance that provides coverage for a specified period, paying a death benefit to beneficiaries if the insured passes away during that term. You will choose the term and the death benefit according to your budget. A typical term is between 10 to 30 years. The death benefit is usually 10 times your annual salary. The U.S. average term life has a term of 20 years with a benefit of about 200k.