Which type of life insurance policy provides its benefit only upon death?

Term life insurance is specifically designed to provide a death benefit to the policyholder's beneficiaries only if the insured person passes away during the specified term of the policy. This type of insurance does not accumulate cash value over time or provide any benefits if the policyholder survives the term, making it a straightforward and affordable choice for those looking for temporary coverage.

In contrast, whole life insurance, universal life insurance, and variable life insurance are all forms of permanent life insurance. These policies not only provide a death benefit but also include a cash value component that can grow over time. Whole life is traditionally structured with fixed premiums and a guaranteed cash value, while universal and variable life policies offer more flexibility in premiums and investment opportunities. However, these additional features do not apply to term life insurance, reinforcing its unique characteristic of only paying out upon death during the term of the policy. This is why term life insurance is aptly identified in your answer as the correct choice.