EXCLUSIVE: Hot off the debut of his most recent film at SXSW, the multihyphenate has booked his next acting gig. Jon Favreau will co-star in Universal‘s crime thriller Term Life, which stars Vince Vaughn as a thief who plans and sells heists to the highest bidder. He takes his estranged daughter (Hailee Steinfeld) on the lam when a job goes bad. Hunted by mob bosses, contract killers and dirty cops, he takes out a life insurance policy on himself to leave something for his kid. One problem: It doesn’t take effect for 21 days. Production began March 1 on the pic, which Vaughn, Micah Mason Victoria Vaughn and Kevin Frakes are producing with Raj Brinder Singh exec producing. Peter Billingsley will direct from a screenplay by A.J. Lieberman, who created the original graphic novel with Nick Thornborrow. PalmStar Media Capital and Merced Media financed Term Life. Favreau most recently directed and stars in Chef, which bowed Friday at the Austin fest. His recent onscreen credits include The Wolf Of Wall Street, Iron Man 3, Identity Thief and People Like Us. He is repped by CAA and attorney Geoffrey Oblath.