What type of life insurance policy provides benefits for a specified term and does not accumulate cash value?

Term life insurance is designed specifically to provide coverage for a specified period, or "term," and it pays a death benefit if the insured passes away during that time. Unlike whole life or universal life insurance, term life does not accumulate cash value because it is strictly a pure insurance product aimed at providing financial protection for a limited duration.

Term policies are often more affordable, which makes them a popular choice for individuals seeking temporary coverage, such as for raising children or paying off a mortgage. When the policy term expires, the coverage ends unless renewed or converted to another type of insurance, reinforcing its nature as a non-permanent solution without any savings component.

Whole life and universal life policies, on the other hand, are designed to provide lifelong coverage along with an investment or savings component. Endowment insurance, too, typically combines a death benefit with a savings aspect that matures at a specific age or term, providing cash value accumulation that term policies do not offer. Therefore, term life insurance stands out as the option that meets the criteria of providing benefits for a specific term without generating cash value.