Which type of insurance may not always provide a guaranteed return of premiums?

Term life insurance is designed to cover the insured for a specific period, typically ranging from 1 to 30 years, and it provides a death benefit if the insured passes away during that term. One key characteristic of term life insurance is that it does not accumulate cash value and does not guarantee a return of premiums if the policyholder outlives the term. This means that once the term expires, the premiums paid are generally not refundable, and the policy simply ceases.

In contrast, whole life insurance, participating life insurance, and universal life insurance all feature components that may allow for a return of premiums or the accumulation of cash value. Whole life insurance provides a death benefit alongside a savings element that grows over time, while participatory policies can pay dividends which possibly can lead to cash values being returned. Universal life insurance also falls under this category by offering flexible premiums and a cash value component. Thus, term life insurance is primarily geared towards providing pure protection, lacking the benefits of guaranteed return of premiums that are found in the other types of life insurance options.