Standard life insurance is defined as coverage for a specified term with no cash value. What is this coverage type called?

The type of coverage described is indeed term life insurance. This form of life insurance is specifically designed to provide financial protection for a predetermined period, known as the "term." Unlike other types of life insurance, such as whole life or universal life insurance, term insurance does not accumulate cash value over time. It is straightforward: if the insured passes away during the term, the designated beneficiaries receive the death benefit. If the term expires while the insured is still alive, no benefit is paid out, and the policy terminates without value.

The key characteristic here is the absence of a cash value component, which distinguishes term life insurance from whole, universal, and indexed life insurance options. Whole life insurance, for example, provides coverage for the insured's entire life and includes a cash value accumulation feature. Universal and indexed life insurance also offer lifelong coverage and features that allow policyholders to build cash value, making them different from term life insurance in terms of structure and benefits.