Which type of life insurance policy does NOT accumulate cash value?

Term-100 (T-100) life insurance policies are designed to provide lifelong coverage without accumulating cash value. Term-100 policies combine elements of term insurance and permanent life insurance but do not build cash value due to their fixed premium structure and pure insurance nature. This means that while the insured is covered until age 100, clients do not receive any savings or investment component, which distinguishes these policies from others like Whole Life or Universal Life, which both accumulate cash value over time.

Whole Life policies, for instance, accumulate cash value that grows at a guaranteed rate and can be accessed by the policyholder. Universal Life policies also have a cash value component; they offer flexibility in premium payments and death benefits along with investment options that can further grow cash value. Joint Last to Die insurance policies typically are structured similar to Whole Life when it comes to providing coverage and potentially accumulating cash value since they cover two lives and pay out upon the death of the second insured.

Understanding these fundamental differences helps clarify why a Term-100 policy, in contrast to other types of life insurance mentioned, does not accumulate cash value.