What type of life insurance policy provides coverage for a specified period of time?

Term life insurance is designed to provide coverage for a specific period, commonly ranging from one to thirty years. This policy pays a death benefit to the designated beneficiaries if the insured passes away during the covered term. The main objective of term life insurance is to offer affordable coverage that meets the financial needs for a limited duration, making it ideal for individuals who have temporary obligations, such as a mortgage or children’s education expenses.

In contrast, whole life insurance, universal life insurance, and variable life insurance are types of permanent life insurance. These policies provide coverage for the insured’s entire lifetime, as long as premiums are paid, and often include a cash value component that grows over time. Because they are structured to remain in force as long as premiums continue, they do not fit the description of a policy meant for a specified, limited time frame as term life insurance does.