What is a primary limitation of term life insurance?

Term life insurance primarily offers coverage for a specified period, and while it is straightforward in its structure, it does not allow for extensive customization like other types of life insurance, such as whole life or universal life insurance. This means that policyholders can't adjust features such as premiums, death benefits, or investment components under the same policy.

In contrast, whole life policies provide a cash value accumulation feature and various options for policy management, which allow for more flexibility and personalization based on the policyholder's changing needs and circumstances. The limitation of term life insurance being not easily customizable makes it challenging for some individuals to find a policy that aligns perfectly with their personal financial strategy or evolving situations.

This constraint not only impacts the appeal of term life insurance for some consumers but also limits their ability to adapt the policy as their financial goals change over time.