Which policy feature provides coverage for a specific period of time at a set premium?

The feature that provides coverage for a specific period of time at a set premium is found in term life insurance. Term life insurance is designed to provide protection for a predefined term or duration, such as 10, 20, or 30 years, and during this time, the policyholder pays a consistent premium. If the insured passes away within this term, the nominated beneficiaries receive the death benefit. If the term ends and the individual is still alive, the coverage expires unless it is renewed or converted to another policy type.

In contrast, whole life insurance offers lifelong coverage with a guaranteed death benefit and a cash value component, along with premiums that remain level throughout the insured's life. Universal life insurance, while flexible regarding premium payments and death benefits, does not limit coverage to a specific term. Variable life insurance combines life coverage with investment options but also does not adhere to a fixed term. The defining characteristic of term life, therefore, is its focus on providing a temporary solution at a set premium, which distinguishes it from the other types of insurance mentioned.