Ted takes a life insurance policy for a period of 20 years. The policy pays a death benefit of $250,000 to his spouse if Ted dies within those 20 years. Ted is said to have taken a _____ life insurance.

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The question states that Ted took a policy for a specific period of time, which is 20 years. This is the defining characteristic of term life insurance. Whole life insurance, on the other hand, covers an individual for their entire lifetime and typically has a savings component. Health and straight life insurance are not common types of insurance. Permanent life insurance is an umbrella term that encompasses different types of policies, including whole life and universal life, but is not the best choice for this specific scenario.

Ted Takes a Life Insurance Policy for a Period of 20