What type of life insurance provides protection for a specified period of time?

Term life insurance is designed to provide coverage for a specified period, or "term," which can range from one year to several decades. The primary purpose of term life insurance is to offer a straightforward death benefit during a predetermined timeframe, ensuring that beneficiaries receive payment if the insured passes away within that period. This type of insurance typically has lower premiums compared to other life insurance products because it does not build cash value and is more straightforward in its payout structure.

On the other hand, whole life, universal life, and variable life insurance products provide coverage for the entire lifespan of the insured and include elements such as cash value accumulation and varying premiums. This is a fundamental distinction that clearly identifies term life insurance as the correct answer, given its nature of providing protection only for a limited time frame.