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The life insurance policy that is known for its guaranteed minimum death benefit is whole life insurance. Whole life insurance provides a death benefit that is guaranteed to be paid to the beneficiaries upon the death of the insured, as long as premiums are paid. This guarantee is a key feature of whole life policies, ensuring that regardless of how long the policyholder lives, their beneficiaries will receive a specified amount upon their death.

In addition to the guaranteed death benefit, whole life policies also accumulate cash value over time, which can be borrowed against or withdrawn under certain conditions. This cash value grows at a steady, guaranteed rate, further enhancing the financial security provided by the policy.

In contrast, term life insurance typically provides coverage for a specified period with no cash value accumulation and no guaranteed death benefit beyond the term. Universal life insurance includes flexible premiums and adjustable benefits, but its death benefit may vary and is not guaranteed unless certain conditions are met. Variable life insurance has a death benefit that can fluctuate based on the performance of underlying investment options, making it less predictable in terms of guarantees.

Thus, whole life insurance is the most appropriate answer regarding policies that guarantee a minimum death benefit.