What Does Term Life Insurance Not Cover? 
Term Life can be issued for 10-30 years and provides a death benefit to the beneficiary . The policy expires at the end of the term and does not cover living after that point . Most policies will also pay a portion of the death benefit in advance if diagnosed with a terminal illness and less than 12-24 months life expectancy . New Living Benefit Life policies also include no cost riders that will accelerate up to 90 % of the death benefit in case of Critical Illness -LRB- Cancer , Heart Attack , Stroke , Major Organ Transplant , etc. -RRB- ; Chronic Illness ; Disability ; Terminal Illness ; or Death . Funds can be used for any purpose , such as : medical bills , lost income , mortgage payments , household expenses , long term care , etc. . Living Benefit Term or Permanent Life policies are only available from approximately 6 carriers . 