Which type of insurance is designed to provide coverage until the insured reaches a certain age or time period?

Term life insurance is specifically designed to provide coverage for a designated period of time or until the insured reaches a certain age. This type of insurance is straightforward, offering a death benefit if the insured passes away within the specified term of coverage, which can range from a few years to several decades. If the insured outlives the term, the policy typically expires without any cash value or benefits being paid out.

The other types of insurance mentioned do not fit this definition. Universal life insurance and whole life insurance provide coverage for the entire lifetime of the insured, as long as premiums are paid, and they also build cash value over time. Variable life insurance is similarly permanent but has an investment component that allows the cash value to fluctuate based on the performance of investments chosen by the policyholder. These characteristics set them apart from term life insurance, which is solely focused on providing protection for a limited period without a cash value component.