Which type of life insurance policy does not offer a guaranteed cash value?

Term life insurance is designed to provide coverage for a specified period, typically ranging from one to thirty years, and pays a death benefit if the insured passes away during that time. Importantly, term policies do not accumulate cash value, as they are purely risk protection products. The premium paid goes solely toward the cost of insurance and any administrative fees; it does not build up any savings component.

In contrast, whole life insurance, universal life insurance, and variable life insurance are all policies that include a cash value component. Whole life insurance provides a guaranteed cash value accumulation as the policy matures. Universal life offers flexible premiums and an adjustable death benefit, along with a cash value that grows based on current interest rates. Variable life insurance allows the policyholder to allocate cash value among various investment accounts, with the potential for higher returns or losses.

Thus, the correct choice is term life insurance, as it is the only type among the options that does not offer a guaranteed cash value.