For someone aged 35 looking to purchase a whole life insurance policy, which type offers the fastest cash value growth?

The type of whole life insurance policy that offers the fastest cash value growth is typically a 20-Pay Life policy. This policy is designed to allow the insured to pay premiums for a limited time, specifically for 20 years, after which the policy is considered fully paid-up. During those 20 years, the cash value accumulates at a faster rate compared to a Straight Life policy, which has lower premiums and offers cash value growth over a longer period without a set end date for premium payments.

20-Pay Life policies accelerate the cash value accumulation due to the higher premium payments made in a shorter time frame, which in turn increases the insurance company's investment in the policy. After the premium payment period ends, the cash value will continue to grow, but the insured no longer has to make premium payments. This structure inherently allows for quicker access to the cash value compared to policies with longer premium payment periods, like Straight Life, which may take many years to accumulate significant cash value.

In contrast, options such as Life Paid-Up at age 70 and Increasing Term to age 65 cater to different insurance needs and features, impacting their cash value growth trajectory differently. Life Paid-Up at age 70 involves a longer payment period before the policy becomes fully paid