Which type of life insurance provides coverage for a specific period of time?

Term life insurance is specifically designed to provide coverage for a predetermined period, or "term," which can range from a few years to several decades. During this time, if the insured individual passes away, the policy pays out a death benefit to the beneficiaries. This type of insurance is often chosen for its affordability and simplicity, as it does not accumulate cash value like other types of life insurance, such as whole life or universal life policies.

Whole life insurance, in contrast, offers lifetime coverage along with the benefit of accumulating cash value over time. Universal life insurance provides flexibility in premium payments and death benefits but is also designed for long-term coverage. Variable life insurance allows policyholders to invest the cash value in various investment options, again typically offering coverage for the policyholder's entire life rather than a specific term.

By focusing on coverage for a specified period, term life insurance serves individuals looking for temporary coverage, such as parents wanting to protect their dependents until they become financially independent or those seeking to cover a mortgage during its repayment period. This is why term life insurance is the correct type of coverage for the question posed.