Which type of life insurance is usually focused on providing coverage for a defined period?

Term life insurance is specifically designed to provide coverage for a predetermined period, typically ranging from one year to several decades. This type of insurance is attractive for individuals seeking affordable premiums for financial protection during critical years, such as when they have dependents or significant debts, like a mortgage.

The coverage under term life insurance is straightforward: if the insured passes away during the term, the beneficiaries receive a death benefit. However, if the term expires and the insured is still alive, the policy's coverage ends, and there is typically no cash value accumulated. This clear-time frame allows individuals to align their insurance needs with specific life events or responsibilities.

In contrast, whole life insurance, universal life insurance, and variable life insurance are designed to provide lifelong coverage and often have cash value components, which differentiate them significantly from term life insurance.