Which life insurance type provides a savings component that can accumulate cash value?

Whole Life Insurance is the type of life insurance that provides a savings component, allowing the policy to accumulate cash value over time. This cash value is built through the premiums paid into the policy and grows at a guaranteed rate. Insured individuals can borrow against this cash value or even use it for policy loans, providing a financial resource while still maintaining the life insurance coverage. Additionally, the cash value can be accessed during the insured's lifetime, thus serving as a financial asset in addition to offering the death benefit to beneficiaries. This contrasts with other types of insurance listed, which do not offer a cash value component. For instance, term life insurance provides only pure death benefit coverage without any cash accumulation, and group and industrial life insurance typically focus on providing basic life coverage without the savings element.