A form of life insurance that has no built-in savings feature and does not accumulate any cash surrender value. American Banker Glossary
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Provides a death benefit only, no build up of cash value. Bloomberg Financial Dictionary
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A life insurance policy set up for a specified number of years. If you survive the term of the policy then you do not receive anything. This type of policy is often used to cover long term loans or mortgages. It is the simplest and cheapest form of life insurance. Financial Services Glossary
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term insurance UK US noun [S or U] (UK also term assurance)
► INSURANCE a form of life insurance that lasts for a fixed period of time: »
She has taken out term insurance for $89,000 on the mortgage on her new apartment.
»You will need to buy a term assurance to pay off the loan in the event of your death.
»a term insurance policy/plan
Financial and business terms. 2012.