Which type of insurance combines death protection with potential savings for a lifetime of benefits?

Whole or Ordinary Life Insurance is designed to provide lifetime coverage and combines both death protection and a savings component. Unlike term life insurance, which offers coverage for a specific period and does not generate cash value, whole life insurance lasts for the insured's entire lifetime as long as premiums are paid. This type of policy also builds cash value over time, which policyholders can borrow against or withdraw, making it a dual-purpose financial tool.

The cash value accumulation is a key feature that can serve as a savings component, distinguishing whole life insurance from other types like term or juvenile life insurance, which primarily focus on providing death benefit protection without the savings aspect. Survivorship life insurance covers two individuals, typically used for estate planning, but it also does not directly focus on the combination of lifetime benefits and cash value in the same way that whole life does. Thus, the combination of death protection and savings for a lifetime of benefits is best encapsulated by whole or ordinary life insurance.