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A life insurance policy for a specific period of time is known as term life insurance. This type of policy provides coverage at a fixed rate of payments for a limited period, such as 10, 20, or 30 years. If the insured person dies within that term, the beneficiaries receive a death benefit. If the term expires while the insured is still alive, the coverage ends, and no benefit is paid out.

In contrast, level insurance typically refers to a type of term policy where premiums remain the same throughout the term, but it does not specifically indicate the time-bound nature of coverage. Whole life policies provide coverage for the insured's lifetime, not just for a specific period. Universal life insurance offers more flexibility than whole life, allowing policyholders to adjust premiums and death benefits, and also does not limit coverage to a specific timeframe. Therefore, term is the only option that specifically signifies coverage for a designated period.