What type of insurance is typically designed to provide coverage for a specified period?

Term life insurance is specifically structured to provide coverage for a designated period of time, which can range from a few years to several decades. This type of insurance pays out a death benefit only if the insured individual passes away during the term of the policy. Once the term expires, the coverage ends unless the policy is renewed or converted to another type of insurance.

In contrast, whole life insurance offers lifelong coverage and includes a cash value component that grows over time. Endowment insurance combines features of both term and whole life, providing a payout either upon death or after a set period, but is not limited to providing coverage solely for a specified term. Universal life insurance allows for flexible premiums and death benefits, but it also does not confine coverage to a fixed term as term life does. Thus, term life insurance stands out for its focus on providing protection for a defined period.