Final answer:
Whole life insurance policies combine death benefits with cash value accumulation. Single premium policies offer immediate cash value generation.
Explanation:
Whole life insurance is a policy that combines a death benefit with a cash value component. This cash value accumulates over time, functioning as a savings account within the policy.
For immediate cash value generation, a Single premium policy would be suitable. With a single premium policy, a large sum of money is paid upfront, creating immediate cash value within the policy.
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