What type of insurance policy cannot be contested after a specified period?

An incontestable policy refers specifically to a life insurance contract that cannot be disputed by the insurer after a certain period, typically two years from the date the policy was issued. This provision is crucial because it protects the policyholder and their beneficiaries from losing the benefit due to issues that might arise from misrepresentation or omitted information in the application.

In the context of the other types of insurance policies listed, term life, whole life, and universal life insurance do not inherently have the same incontestability clause that applies to them universally. While these policies may or may not contain a provision allowing them to be incontestable after a specified period, it is not a defining characteristic and can vary depending on the specific terms chosen by the insurer or the policyholder. Therefore, understanding that an incontestable policy is specifically designed to provide assurance and protect both parties after a defined timeframe emphasizes why this option is the correct answer.