Which type of insurance policy typically provides coverage for a specified term?

Term life insurance is specifically designed to provide coverage for a specified period, known as the "term." This duration can range from a few years to several decades, depending on the specifics of the policy. If the insured passes away during this term, the policy pays out the death benefit to the beneficiaries. However, if the term expires and the insured is still alive, there is no payout or cash value accumulation, which is a defining characteristic of term life insurance.

In contrast, whole life insurance offers coverage for the insured's entire lifetime as long as premiums are paid, and it builds cash value over time. Universal life insurance also provides lifelong coverage with a cash value component but allows for flexible premium payments and death benefits. Variable life insurance includes elements of both term and whole life but allows policyholders to invest the cash value in various investment options, affecting the death benefit and cash value.

Thus, the focus on a specified term with no cash accumulation and a pure death benefit payout for term life insurance distinctly sets it apart from the other types mentioned.