If a customer prefers a life insurance protection that allows for faster growth of cash value, which policy would be recommended?

Choosing a life insurance policy that allows for faster growth of cash value is best achieved with an endowment policy. An endowment policy is designed not only to provide life insurance protection but also to accumulate cash value more quickly compared to other types of policies, such as whole life or universal life.

Endowment policies have a specific maturity date, at which point the insured is entitled to the policy's cash value, whether they are alive or deceased. This structure usually involves higher premiums, but it accelerates cash value growth, making it an effective choice for someone looking to build savings alongside insurance coverage.

While whole life policies do accumulate cash value over time, their growth is more gradual and typically reflects a conservative investment approach. Universal life offers flexible premiums and death benefits but may not prioritize rapid cash value accumulation as much as an endowment policy. Term life policies, on the other hand, do not build cash value at all, focusing solely on providing death benefit protection for a specified period. Therefore, for a customer prioritizing rapid cash value growth, the endowment policy is the most suitable option.