What type of insurance covers the risk of death but does not build cash value?

Term life insurance is specifically designed to provide coverage for a specific period, known as the "term." It pays a death benefit to the beneficiaries if the insured passes away during that term. One of the key characteristics of term life insurance is that it does not accumulate cash value. This means that while the policy offers financial protection against the risk of death, it does not build any savings component or investment value over time.

In contrast, whole life and universal life insurance products are types of permanent life insurance that do accumulate cash value, which can be borrowed against or withdrawn by the policyholder. Decreasing term insurance also has a cash value component that reduces over time, which further distinguishes it from term life. Therefore, the correct answer is term life insurance, as it solely provides a death benefit without any associated cash value.