Which of the following types of life insurance does not accumulate cash value?

Term life insurance is designed primarily to provide death benefit coverage for a specified period, such as 10, 20, or 30 years. The policyholder pays premiums for the duration of the term, and if the insured passes away within that time frame, the beneficiaries receive the death benefit. However, if the insured outlives the term, there is no payout or cash value associated with the policy.

In contrast, whole life, universal life, and variable life insurance products are designed to accumulate cash value over time. Whole life insurance builds cash value through guaranteed savings and interest, while universal life offers flexibility in premium payments and interest rates, and variable life allows policyholders to invest in various sub-accounts, potentially growing the cash value depending on market performance. Therefore, the key distinguishing factor of term life insurance is its straightforward risk coverage without any feature for cash accumulation.