Nevertheless, it builds up a cash value that comes in handy when you retire and is a permanent protection for your family. The premium that you pay is in accordance with a specified schedule and the great news is that the value of the policy grows on a tax-deferred basis.
With this form of life insurance, you are able to protect your family as well as build up wealth that can be used for a number of purposes including paying for college, saving for retirement, or even for passing on to the survivors after you pass away. You may even have a rider or riders as well as enhance the policy to meet specific needs as well as provide extra protection on the basic policy.