Which of the following accurately describes term life insurance?

Term life insurance is designed to provide coverage for a specified period, which can range from one year to several decades, as agreed upon in the policy. It offers a death benefit to beneficiaries if the insured passes away during that term. Unlike whole life or universal life policies, term life does not build cash value; its primary purpose is to provide financial protection for a certain time frame, often aligning with key life events such as raising children or paying off a mortgage.

The other options do not accurately describe term life insurance. Whole life insurance, for example, provides coverage for the insured's entire life and includes a cash value component that builds over time. Adjustable premiums based on age are characteristics often associated with more flexible life insurance products rather than term life plans. Thus, the focus on a specified term clearly highlights the essence of term life insurance, distinguishing it from other types of life insurance policies.