Which life insurance option provides coverage for a specified term of years?

Term life insurance is designed to provide coverage for a specified period, typically ranging from one to thirty years. This type of policy is often chosen for its affordability and straightforward nature, where policyholders pay premiums over the term, and if they pass away during that time, their beneficiaries receive a death benefit. However, if the term expires and the insured is still alive, the coverage ends, and there is no payout or cash value accumulated, which distinguishes it from whole life, universal life, and variable life insurance policies that offer coverage for a person's entire lifetime and often include a savings or investment component.

Whole life insurance offers lifelong coverage with a cash value component that grows over time. Universal life insurance provides flexible premiums and death benefits but does not limit coverage to a specified term. Variable life insurance allows policyholders to invest the cash value in various investment options, additionally providing lifelong coverage. Each of these alternatives serves different financial planning needs but does not specifically limit coverage to a defined term like term life insurance does.