Final answer:
Term insurance is more affordable but lacks a cash value accumulation, which is a component found in whole life insurance that can be used as an account by the policyholder.
Step-by-step explanation:
Because it is less expensive, term insurance has the drawback of no cash value accumulation. Unlike cash-value (whole) life insurance, which has a death benefit and a cash value component, term insurance is designed solely to provide a death benefit for a specified period, without any accumulation of cash value that could be used by the policyholder while alive. The primary purpose of term insurance is to offer coverage at a lower cost, for a temporary term, without additional investment features.