What is the name of the insurance policy that pays your beneficiary a specific amount of money if you die while covered by the policy, and this coverage is for a set number of years and must be renewed when it expires?

What Is the Difference Between Life and Health Insurance? 
Health insurance pays for your medical treatment, drugs, and preventative check-ups for you and others covered under your plan.

Life insurance provides a cash sum to your loved ones if you die during the length of the Life insurance policy.