What type of insurance combines term and whole life for a predetermined period?

The correct choice is endowment life insurance. This type of policy is designed to provide a combination of life insurance and savings. Endowment policies are unique in that they pay out a lump sum either upon the death of the insured or at the end of a specified term, whichever comes first. This makes them distinct from traditional whole life or term policies.

In the case of endowment life insurance, the predetermined period is set when the policy is purchased, and the payout at the end of this period can be used for various financial goals, such as funding a child's education or retirement. Additionally, if the insured passes away before the term is completed, the beneficiaries receive the death benefit, ensuring financial protection.

Other types of insurance mentioned serve different purposes. For instance, variable life insurance involves investments tied to the market, allowing for flexible premiums and death benefits but lacking the defined savings component. Universal life insurance also provides flexible premiums and death benefits but is primarily a permanent insurance product without the defined payout schedule characteristic of endowment policies. Permanent life insurance, while including whole life policies, doesn’t have the specific time-bound payout feature that defines endowments.