Cash value is an important component of whole life,universal life,and variable life but is never a component of term insurance.

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Cash value is a feature of permanent life insurance such as whole life, universal life, and variable life, which accumulates value over time and can be used for various purposes such as borrowing or withdrawing funds. Term insurance, on the other hand, provides coverage for a specific period without any cash value or investment component.

Cash Value Is an Important Component of Whole Life,universal Life,and