Whole life insurance is the correct choice because it is designed to provide a death benefit while also accumulating cash value over time. This cash value grows at a guaranteed rate and can be accessed by the policyholder through loans or withdrawals, making whole life insurance a hybrid product that serves both as a protection mechanism and a savings vehicle.
In contrast, term life insurance is structured to provide coverage for a specific period without any cash value accumulation. It offers only a death benefit if the insured passes away during the term, but once the term expires, there is no residual value. Similarly, mortgage life insurance is specifically designed to pay off a mortgage balance upon the death of the insured, and it does not build cash value. Accidental death insurance focuses solely on providing benefits in the event of death caused by an accident, and it also does not include a cash value component. Thus, whole life insurance stands out as the product that incorporates a cash value feature.