Term life insurance is a type of life insurance coverage that pays a lump sum to the beneficiary upon the insured's death. It is the most basic and affordable form of life insurance and is typically purchased to cover financial responsibilities, such as a mortgage, debts, and funeral expenses, over a predetermined period of time.

Term life insurance in Canada policies can be purchased for a variety of term lengths. The most common term lengths are 10, 15, 20, and 30 years. When the term of the policy expires, the policyholder can either renew their coverage for another term or let the policy lapse.

The amount of the death benefit paid out by a term life insurance policy is determined by the amount of coverage selected by the policyholder. Premiums will vary depending on the amount of coverage and the policyholder's age, gender, health history, and other factors.

Term life insurance policies typically do not include any type of cash value or investment component, so they are not typically considered a long-term investment option. However, they can be a great way to provide financial security for a short period of time.

When purchasing a term life insurance policy, it is important to understand the terms of the policy and make sure that the coverage is sufficient to meet your needs. It is also important to review the policy periodically to make sure that it still meets your financial needs.