Which insurance policy typically has no cash value accumulation?

Term life insurance is specifically designed to provide a death benefit for a predetermined period, such as 10, 20, or 30 years. Because its primary function is to offer a straightforward death benefit without any frills, it does not accumulate cash value over time.

In contrast, whole life, universal life, and variable life insurance policies generally include a cash value component. This cash value grows over time and can be borrowed against, withdrawn, or used as collateral. The primary focus of term life insurance is pure protection rather than an investment component, making it the most affordable option among life insurance products for those seeking temporary coverage. Therefore, the absence of cash value accumulation is a defining characteristic of term life insurance.