The Collaborative International Dictionary of English v.0.48:

Term insurance \Term insurance\
   Insurance for a specified term providing for no payment to
   the insured except upon losses during the term, and becoming
   void upon its expiration.
   [Webster 1913 Suppl.]

WordNet (r) 3.0 (2006):

term insurance
    n 1: low-cost insurance that is valid only for a stated period
         of time and has no cash surrender value or loan value;
         "term insurance is most often associated with life
         insurance policies"