Which type of insurance provides no cash value and is significantly less expensive?

Term insurance provides coverage for a specified term and does not accumulate cash value, making it significantly less expensive compared to other types of life insurance. This type of insurance pays a death benefit if the insured passes away within the policy term, but it does not offer any savings or investment component, which is why it is often considered more affordable. In contrast, whole life, variable life, and universal life insurances typically include components that build cash value over time, contributing to their higher costs. Therefore, term insurance is an appropriate choice for those seeking lower premiums with straightforward coverage without additional cash value features.