You also have the option of naming an irrevocable beneficiary, which means that the policyholder cannot change the name of that beneficiary without his or her consent. This money is also protected from creditors and doesn't become part of your estate. You may also name a contingent beneficiary, in the event that the primary beneficiary you have named is not alive at the time of your death. And if your beneficiary dies before you, or at the same time, the money will go to your estate, unless you have named a contingent beneficiary. And finally, you can name a registered charitable organization as a beneficiary, in which case the premiums can be tax deductible.
Term insurance is, by definition, temporary insurance.
Each year, a premium is paid to cover the risk of death during that year. Term insurance has no cash value. The only way to collect anything is to die during the term. Generally, term insurance premiums increases each year, as the risk of death become greater. In other words it does not include a cash value or a savings feature.