Direct answer
Yes, whole life insurance includes a cash value component that grows over time, whereas term life insurance only provides a death benefit for a specified duration with no equity accumulation.
Standard actuarial definitions regarding policy cash value accumulation schedules. For additional information about the structure and regulation of life insurance products, see the National Association of Insurance Commissioners‘ resource center.
What this means for you
Yes, whole life insurance includes a cash value component that grows over time, whereas term life insurance only provides a death benefit for a specified duration with no equity accumulation.
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