If they lived past their policy's maturity date, policyholders lost their coverage and received little cash value in return, since the funds had been used to pay premiums. (valuepenguin.com)
But in exchange, the policies builds little cash value. (investopedia.com)
Since there's little cash value component to it, guaranteed universal life insurance is typically the best option if you're interested in permanent coverage without an investment component. (valuepenguin.com)