Term insurance protects you for a set payment amount over a set number of years. This could be ten, fifteen, twenty, or even more years. You have complete control over the length of time you require.   What happens if you pass away during this time frame? You can then leave a tax-free death benefit to the people or organizations to whom you wish to leave money.   The death benefit is the amount that your beneficiary receives upon your death. The money from that benefit can subsequently be used for any purpose by your heirs. According to the amount of life insurance they purchase, they receive a certain amount of money.