Which type of insurance provides a death benefit but has no cash value accumulation?

Term life insurance is designed specifically to offer a death benefit to beneficiaries in the event of the policyholder's death within a specified term, typically ranging from one to thirty years. This type of insurance is fundamentally temporary and does not include any savings component or cash value accumulation. The premium payments made during the term provide coverage only for that duration and do not contribute to a cash value that can be borrowed against or withdrawn, distinguishing it from other types of life insurance like whole life, universal life, or variable life.

Whole life insurance, on the other hand, combines life coverage with a cash value component, growing over time as premiums are paid. Universal life insurance also has a cash value, which can fluctuate based on interest rates and the policyholder's choices. Variable life insurance similarly includes a cash value that is tied to investment options chosen by the policyholder. Therefore, these types of insurance are more focused on providing long-term benefits and cash accumulation, making them significantly different from term life insurance.