What type of life insurance policy provides a death benefit only if the insured dies while the policy is in force?

A term life policy is designed to provide coverage for a specific period, which can range from one year to several decades. The key feature of this type of policy is that it offers a death benefit only if the insured passes away during the term of the policy. If the insured outlives this specified period, the coverage ends, and there is no payout or cash value accumulated.

This structure serves the needs of individuals who are seeking life insurance for a temporary need, such as covering a mortgage or providing for dependents until they reach financial independence. In contrast, other types of policies, like whole life, universal life, and endowment, often include features such as cash value accumulation or lifetime coverage that extend beyond a predetermined period, which differentiates them from term life insurance.