Term life insurance is designed to pay out a lump sum if you die within a fixed period. There are three main types of life insurance:
Level term life insurance:  The amount of coverage stays the same across the term of the policy
Decreasing term life insurance: Often used to cover a debt that reduces over time, such as a repayment mortgage. The amount of cover decreases over the term of the policy
Increasing term life insurance: Designed to keep up with inflation so beneficiaries can make the most of your payment. As such, the cover increases over the term of the policy.