Life Insurance Or Savings Account. Term life insurance is simple, straightforward, doesn’t accumulate a cash value, and therefore, is much more affordable. This is because, insurance is primarily for protection, and is not a savings tool.
So, you’re paying for two things here—the life insurance part (the bit that covers your family if you die) and the cash value part (the savings account that supposedly grows your money. Savings + offers a savings account with an optional visa debit card, access to online banking, and free life insurance without an initial deposit. You can also manage your account online.