What type of life insurance policy usually provides a death benefit only?

Term life insurance is designed primarily to provide a death benefit for a specified term or period. It is particularly straightforward in that it offers a payout to the beneficiary if the insured passes away during the term of the policy, which can range from one to thirty years. This type of insurance does not include any cash value accumulation or savings component, meaning it does not grow in value over time nor serve as an investment.

In contrast, whole life insurance, universal life insurance, and variable life insurance all include features that allow the policyholder to build cash value as part of the policy. Whole life insurance provides a guaranteed death benefit along with a cash value that grows at a certain rate. Universal life insurance offers flexible premiums and death benefits while accumulating cash value, and variable life insurance allows for investment choices that can impact both the cash value and death benefit. Hence, these other types of insurance policies combine both a death benefit and a cash value component, distinguishing term life insurance as the correct answer for this question.