Which of the following represents a characteristic of term insurance?

Term insurance is characterized primarily by its affordability compared to other types of life insurance, such as whole life or universal life policies. This affordability is due to the nature of term insurance, which provides coverage for a specified period, or "term," without the component of cash value accumulation.

Since term insurance is designed to provide a death benefit only if the insured dies during the term of coverage, the premiums are generally lower. This makes it a cost-effective choice for individuals looking for basic life insurance protection, especially when financial resources are limited or when the need for coverage is temporary, such as raising children or paying off a mortgage.

In contrast, other options involve features that are not typical of term insurance. For instance, cash value accumulation is a hallmark of whole or universal life insurance, rather than term insurance. Fixed premiums for life are also characteristic of permanent insurance types, which maintain consistent premium payments throughout the insured's life, unlike term insurance, where premiums can increase upon renewal. Lastly, the ability to borrow against the policy is primarily a feature of permanent life insurance policies where cash value exists, which is not applicable to term insurance.