What type of life insurance policy is designed to provide coverage until a specific age or time?

Term life insurance is specifically designed to provide coverage for a predetermined period, often called the "term." This term can range from as short as one year to as long as 30 years or more. The key characteristic of term life insurance is that it pays a death benefit only if the insured passes away during the term of the policy. If the insured survives the term, no benefits are paid, and the coverage ceases unless the policy is renewed or converted to a permanent policy.

Unlike other types of life insurance, such as whole life or universal life, which provide lifelong coverage and often have a cash value component that can grow over time, term life insurance focuses exclusively on providing a death benefit for a specific timeframe. This makes it an attractive option for those seeking affordable coverage for a particular need, such as covering a mortgage or providing for dependents during crucial years.