A life insurance policy purchased for a specific “term” or length of time, such as 5, 10, or 20 years. You agree to make annual premium payments to the insurance company for the term of the policy in exchange for some promised cash payment if you die during that term.
If you are making premium payments, you can represent these as annual, nominal Special Expenses.
If you want to represent a death benefit for a survivor in your report, you can create a nominal Special Receipt for this survivor in his or her first year as survivor in your plan.
If you want to experiment with different ages of death, please see the guidance here: Modeling Term Life Insurance in Survivor Reports