What type of life insurance provision guarantees payment after death for a specified period of time to a beneficiary?

The type of life insurance provision that guarantees payment after death for a specified period of time to a beneficiary is known as "life income with period certain." This provision ensures that if the insured passes away, the beneficiary will receive regular income payments for a predetermined duration, even if the total amount paid out exceeds the insurance policy's death benefit. The guarantee of income over that specified period offers a level of financial security, as it provides the beneficiary with a steady stream of income rather than a lump sum, which can be beneficial for those who rely on the deceased for financial support.

Whole life insurance, on the other hand, provides a death benefit and also builds cash value over time but does not specify a period of payments after death. Term life insurance provides coverage for a specified term, but if the insured dies after that term has expired, there is no payout to the beneficiary. Universal life insurance offers flexible premiums and death benefits, but it also does not focus on guaranteed payments over a specified period after death. Thus, "life income with period certain" distinctly fulfills the requirement for guaranteed payments over a set duration after the insured's death.