Which of the following is a characteristic of term life insurance?

Term life insurance is specifically designed to provide coverage for a predetermined period, such as 10, 20, or 30 years. This characteristic distinguishes it from other types of life insurance policies. When the term expires, the policyholder may have the option to renew the coverage or convert to a permanent policy, but the primary focus of term life is its temporary nature.

In contrast, cash value accumulation is a feature primarily associated with whole life or permanent life insurance policies, where a part of the premium goes towards building cash value over time. Term life insurance does not offer this feature as it is purely a death benefit product without an investment component.

Additionally, other types of life insurance, like whole life, offer lifelong coverage as long as premiums are paid, which is not the case with term life insurance. The premiums for term life are generally lower than those for whole life insurance, especially at younger ages, which makes it a more affordable option for temporary financial protection.

Overall, the defining characteristic of term life insurance is that it provides coverage for a specific period, aligning with the need for protection during critical time frames such as raising children or paying off a mortgage.