What is the term for a life insurance policy that has no expected cash value but guarantees a death benefit?

The term for a life insurance policy that has no expected cash value but guarantees a death benefit is referred to as term life insurance. This type of policy is specifically designed to provide a death benefit for a specified period of time, known as the term, which can typically range from one year to 30 years. If the insured individual dies within that term, the policy pays out the death benefit to the beneficiaries. However, if the policyholder survives the term, there is no payout, and usually, there is no cash value accumulation associated with the policy.

In contrast, universal life insurance, whole life insurance, and variable life insurance all incorporate cash value components. Universal life and whole life insurance allow for cash value growth that can be borrowed against or withdrawn, while variable life insurance allows the policyholder to allocate cash values among various investment options which can yield cash value growth. Thus, they do not match the parameters of a policy that strictly guarantees a death benefit without accumulating cash value.