Which of the following policies provides a living benefit through guaranteed cash value?

Whole life insurance is the policy that provides a living benefit through guaranteed cash value. This type of insurance is designed to last for the insured's entire lifetime, as long as premiums are paid, and it accumulates cash value over time. The cash value component grows at a guaranteed rate, allowing policyholders to access this amount during their lifetime, often through loans or withdrawals.

This living benefit aspect distinguishes whole life insurance from term life insurance, which does not accumulate any cash value and only provides a death benefit if the insured passes away within the policy term. Adjustable life insurance and universal life insurance also offer some flexibility in premiums and death benefits, but they do not guarantee cash value growth to the same extent as whole life insurance. Whole life insurance stands out because of its long-term cash value accumulation and the certainty it provides, making it a preferred choice for individuals looking for both life insurance coverage and an investment component.