How Does A Whole Life Insurance Policy Build Cash Value? 
Yes , whole life and universal life insurance policies are considered permanent life insurance and do accumulate cash value that can be used for numerous things . The typical whole life insurance policy takes 5 to 7 years to accumulate cash as the first few years cover the cost of insurance . There are ways to maximize your premiums to build cash value if that is your goal . An experienced insurance agent can show you your options to minimum fund , target fund and maximum fund your whole life insurance policy . Your cash value can later be used to pay up your premiums , retirement funds , children college fund or even cash for a critical illness . 