Which type of life insurance is designed primarily to provide coverage for a specified term?

Term life insurance is specifically designed to provide coverage for a specified period, known as the term. This means that the policy remains in force for a defined time frame, such as 10, 20, or 30 years, and it pays a death benefit if the insured passes away within that term. If the term expires and the insured has not died, there is no payout, and the coverage ends unless the policy is renewed or converted to another type of life insurance.

In contrast, other types of life insurance, such as universal life, whole life, and variable life, are permanent policies that typically provide lifelong coverage and include a cash value component that can grow over time. These alternatives are not limited by a term and generally entail different structures regarding premiums, death benefits, and potential returns. Thus, term life insurance clearly stands out as the option intended solely for coverage over a specified duration.