In a whole life policy, you build up cash values at the same time as having insurance protection. Whole life policies provide a lifetime of protection for a level premium.

Additionally, some policies offer premium schedules where, for example, you could pay premiums for 20 years and then stop, or you might pay up until you are 65 and then stop, yet all the while maintaining lifetime coverage.

Values within whole life policies are slow to build, and usually need at least 10 to 15 years before showing reasonable cash value amounts. The older a policy is, the more substantial the cash value is likely to be.