What type of life insurance would you recommend if the insurance need will go away on a specific date?

Term insurance is the most suitable option when the insurance need is expected to end on a specific date. This type of life insurance is designed to provide coverage for a set period, such as 10, 20, or 30 years, and once that term expires, the coverage ceases unless renewed. Because term insurance is typically more affordable than permanent insurance options, it allows individuals to secure financial protection during crucial years, such as while raising children or paying off a mortgage.

The other options—permanent insurance, whole life insurance, and universal life insurance—are intended for lifelong coverage and are designed to remain in effect until the insured's death, or until premiums are not paid, and thus do not align with a temporary need. These permanent solutions also build cash value over time, making them more complex and often more expensive than term insurance, which does not accumulate cash value. Thus, for situations where the need for coverage will cease at a designated point, term insurance is the most straightforward and appropriate choice.