The insurance company is betting that you won't die during the term of your plan. They stay with the insurance company. You will never see any money back. If you die, cash, in the amount for which your policy is written, is paid out to those named as your beneficiaries. You pay a premium each year, and your life insurance stays in effect.
Premiums usually increase annually.
Each year you live brings you closer to death. When buying annually renewable term policies, you pay for that risk as you age. In level-premium term policies, you pay for that risk in equal installments over the life of your policy. You pay the insurance company your basic premium, along with some extra money to invest for you. At your death, your heirs receive both your life-insurance benefits and the investment cash you deposited with the company.