Final answer:
Term life insurance is designed to provide coverage for a specified period of time at a lower cost without an accumulated cash value, unlike whole life insurance which includes a death benefit and a cash value component.
Step-by-step explanation:
The type of life insurance written to cover a need for a specified period of time at the lowest premium is called term life insurance. Unlike cash-value (whole) life insurance, term life insurance does not have an accumulated cash value. Instead, it offers a death benefit that pays out to the beneficiary if the insured individual dies within the specified term of the policy. Term life insurance policies are typically more affordable than whole life policies and are suitable for individuals looking for coverage for a particular period, such as the years they are raising children or paying off a mortgage.