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There is no cash value with term life insurance and you don’t need it. With a whole life policy you have a cash value; however the premiums can be upward of about 75% or so. A wiser choice would be to buy Term with a lower premium and invest the difference in a conservative IRA account. After 10 years compare your IRA with a friend who chose a whole life plan with a cash value feature. Be careful, you may lose him as a friend due the much higher yield you have received over his.

If you lack the confidence in investments, you can buy a whole life insurance cash value policy which is flexible and allows you to have a say in the type of investments you prefer. Then you have mutual funds, single premium life insurance and many more options that will give you protection as well as income.