A term life insurance policy typically provides protection for:

A term life insurance policy is specifically designed to provide coverage for a predetermined period of time, known as the term. This duration can vary, commonly spanning from one year to 30 years, depending on the policy issued. The primary feature of term life insurance is that it offers a death benefit to beneficiaries if the insured passes away during this specified period.

If the insured person survives beyond the term of the policy, the coverage ceases, and no benefits are paid out. This distinguishes term life insurance from whole life or universal life policies, which provide coverage for the lifetime of the insured and accumulate cash value as long as premiums are maintained.

The other options refer to different types of insurance or concepts that are not applicable to term life insurance. Specifically, life expectancy pertains to statistical averages related to lifespan, while lifetime coverage and ongoing coverage contingent on premium payments are features associated with permanent life insurance policies. Therefore, the correct answer highlights the essence of term life insurance, focusing on its provision of protection for a specific period.