What type of life insurance provides coverage for a specific term without any cash value?

Term life insurance is a type of policy designed to provide coverage for a specified period, or "term," such as 10, 20, or 30 years. The primary purpose of term life insurance is to offer a death benefit to the policyholder's beneficiaries in the event of the policyholder's death during that term. This type of insurance does not accrue cash value; it strictly serves as pure life insurance coverage.

Many individuals choose term life insurance because it often comes with lower premiums compared to other types of life insurance. This makes it an appealing option for those who need temporary coverage, such as for raising children, paying off a mortgage, or other financial obligations that may decrease over time.

In contrast, whole life, universal life, and variable life insurance all include a cash value component that grows over time, offering both a death benefit and an investment aspect. These policies are designed for long-term financial planning and provide more complex benefits, but they also typically come with higher premiums. Thus, the defining characteristic of term life insurance is its focus on coverage for a specified period without the added feature of cash value accumulation.