Definition for: Cash Value Insurance
"Cash value insurance" is a life insurance policy which in addition to providing death benefits also accumulates cash value in a tax-deferred manner over time enabling benefits to be paid out before death. Cash value insurance is to be contrasted with term life insurance, which only pays death benefits and does not provide for a build up in cash value. The three main types of cash value insurance are Whole Life Insurance, Universal Life Insurance, and Variable Life Insurance.
