Which life insurance policy usually requires the insured to pay a level premium for the duration of the policy, and the overpayment accumulates as a cash value that can be borrowed by the insured at reasonable rates?

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Whole life insurance policies typically require the insured to pay a level premium for the duration of the policy, and the overpayment accumulates as a cash value that can be borrowed by the insured at reasonable rates. Term life insurance policies do not have a cash value component, and universal life insurance policies offer more flexibility in premium payments and death benefits but may not necessarily accumulate as much cash value.

Which Life Insurance Policy Usually Requires the Insured to Pay