Which type of life insurance does NOT have cash value?

Term life insurance is a type that does not accumulate cash value. Unlike whole life, universal life, or variable life insurance policies, which provide a savings component and can grow cash value over time, term life insurance is solely focused on providing a death benefit for a specified period.

This means that term life insurance simply offers coverage for a set duration—such as 10, 20, or 30 years—with no investment or savings features included. Once the term ends, if the insured has not passed away, the coverage terminates, and there is no cash value to be retrieved. This makes term life insurance typically more affordable than other types of permanent life insurance, as it is designed to provide protection rather than an investment return.

In contrast, policies like whole life, universal life, and variable life insurance have components that allow for cash value accumulation, making them more complex and generally higher in premium payments.