Yes!  When people think of term life they are actually thinking of what is called a Level Term, or Fixed Term.  This is where the amount you pay each month and the death benefit remain the same, or is fixed.

But sometimes you can have what is called a decreasing term.  This is a policy where the amount of money that is paid if you die (called a death benefit) decreases over time.  These policies are usually purchased to cover a debt and are designed so that by the time the policy expires the debt is already paid off through monthly payments.

There are policies called Yearly Renewable Term (YRT) Policy.  With most term insurance, once the policy reaches its expiration date you will need to go through the process of buying a new one, and this can include needing to go through underwriting.  With a YRT policy, you are given the option each year to renew.  While your premiums may go up, you will still be considered guaranteed renewable, which can be a blessing if your health takes a turn for the worse.