Which of the following describes a characteristic of a term life insurance policy?

A term life insurance policy is characterized primarily by providing coverage for a specified period, which is its most defining trait. This type of insurance offers a death benefit to the beneficiaries only if the insured passes away within that predetermined term, commonly ranging from one year to 30 years. If the policyholder outlives the term, the coverage simply expires without any payout.

The other options describe features that do not align with the characteristics of term life insurance. For instance, cash value accumulation typically relates to permanent life insurance policies, such as whole life insurance, where part of the premium contributes to a savings component. Term life insurance does not accrue cash value because it is designed solely for protection during the term it is effective, rather than as a savings or investment vehicle.

Moreover, term life insurance policies are generally more affordable than whole life insurance because they lack the investment component and cash value accumulation, making them a cost-effective choice for those seeking life insurance coverage without the extra costs associated with permanent policies.

Thus, the defining characteristic of term life insurance is indeed its provision of coverage for a specified period.