Final answer:
An insurance product with small coverage amounts, paid on a weekly or monthly basis, that offers a death benefit but no living benefits, is known as industrial life insurance or debit insurance. It is designed to be accessible and affordable, with no cash value accumulation, providing security for final expenses.
Step-by-step explanation:
An insurance product that is characterized by small coverage amounts, with premiums paid on a weekly or monthly basis, and which provides a death benefit but no living benefits, is known as a industrial life insurance or sometimes referred to as debit insurance. Unlike cash-value (whole) life insurance, which includes a death benefit and a cash value that can be used as a savings account during the policyholder's lifetime, the insurance in question only pays out upon the insured's death and offers no cash value accumulation or borrowing options.
This type of insurance is designed to be affordable and accessible, with premium payments that are convenient for those who may not have large sums of money available upfront. It thereby provides a basic level of security for individuals who seek to ensure that their final expenses, like funeral costs, will be covered without the accumulation of cash value that is typical in other life insurance products.