Which life insurance type generally accumulates cash value over time?

A Whole Life Policy is designed to provide lifelong coverage and includes a savings component that builds cash value over time. This cash value grows at a guaranteed rate, and after a certain period, it can be accessed by the policyholder through policy loans or withdrawals. This feature not only provides financial security in case of the insured's death but also allows the policyholder to accumulate savings that can be utilized for various needs, such as funding education or retirement.

In contrast, a Term Life Policy does not accumulate cash value because it is strictly designed to provide coverage for a specific period, typically offering lower premiums but no savings component. An Accidental Death Policy focuses on providing a death benefit only in the case of accidental death and has no savings element or cash value. A Survivorship Policy, also known as a second-to-die policy, is intended for two individuals and provides a benefit only after both have passed away. While it may serve specific financial planning needs, it does not build cash value during the insured individuals' lifetimes like a Whole Life Policy does.