Jon Favreau, Vince Vaughn reunite for Term Life

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Jon Favreau will join Vince Vaughn in Universal’s crime thriller “Term Life”.

The pic follows Vaughn’s character, a thief who, when a job goes bad, is hunted by dirty cops, hit men and the mafia. He takes out a life insurance policy to leave something behind for his estranged daughter but the catch; it doesn’t kick in for 21 days.

Production on the project began on March 1 with Peter Billingsley directing.

A.J. Lieberman, who created the original graphic novel with Nick Thornborrow, wrote the script.

Vaughn is producing with Micah Mason Victoria Vaughn and Kevin Frakes while Raj Brinder Singh is exec producing.

The announcement comes on the back on Favreau’s recent appearance at SWSX, where his film “Chef” was premiered. You can catch him in other recent hits including “The Wolf of Wall Street”, “Iron Man 3” and “Identity Thief”.