What type of life insurance policy provides a cash value along with a level face amount?

Whole life insurance is designed to provide both a death benefit (the face amount) and a cash value component. The cash value is accrued over time through a portion of the premiums paid, effectively allowing the policyholder to accumulate savings that can be accessed during their lifetime. This cash value grows at a guaranteed rate and can be borrowed against or withdrawn under certain conditions.

Additionally, whole life insurance guarantees the death benefit will remain level throughout the life of the policy, ensuring that the beneficiaries receive a consistent amount when the insured passes away. This combination of cash value accumulation and a stable death benefit is what makes whole life insurance distinct from other types of life insurance, such as term life, which only provides a death benefit without any cash value, or universal and adjustable life policies, which offer more flexible premium payments and death benefits but may not guarantee the cash value growth in the same way as whole life.