Which type of life insurance provides coverage for a specified term?

Term life insurance is specifically designed to provide coverage for a specified period, or term. This type of insurance is straightforward in its purpose; it pays a death benefit to the beneficiary if the policyholder dies within the term length, which can typically range from one year to three decades. If the policyholder outlives the term, the coverage expires, and there is usually no payout or cash value accrued.

In contrast, whole life insurance offers lifetime coverage and includes a savings component that builds cash value over time. Universal life insurance, while flexible in premium payments, also provides lifelong coverage and builds cash value. Variable life insurance allows for cash value accumulation based on investment performance, but again, it typically remains in force for the policyholder's lifetime. These distinctions highlight why term life insurance is unique in its provision of coverage only for a limited period, making it the correct answer for this question.