Which life insurance provides coverage for a specific period and has no remaining value?

Term life insurance provides coverage for a specific period, typically ranging from one to thirty years, and is designed solely for death benefit protection during that time. It does not build cash value over its term, meaning that if the insured person outlives the policy, there is no monetary value left, and the premiums paid do not accumulate anything beyond the coverage.

This type of insurance is often chosen for its affordability and straightforward nature, making it a popular option for individuals seeking financial protection for a designated period, such as while raising children or paying off a mortgage. In contrast, other types of life insurance, such as whole life or universal life, accumulate cash value and can provide benefits beyond just the death benefit, making them fundamentally different from term life insurance.