An economic life insurance policy, also known as cash value life insurance, is a type of life insurance that provides coverage for the policyholder's entire life, as long as the premiums are paid. Unlike term life insurance, which only provides coverage for a specific period, economic life insurance accumulates a cash value over time. This cash value can be accessed by the policyholder through policy loans or withdrawals. The policy's cash value grows tax-deferred, and the policyholder can use it for various purposes, such as supplementing retirement income, funding education expenses, or covering emergency expenses. Economic life insurance policies offer both a death benefit and a cash value component, making them a versatile financial tool. It's important to note that accessing the cash value may reduce the death benefit and could have tax implications, so policyholders should carefully consider their options and consult with a financial advisor. Overall, economic life insurance policies provide long-term protection and financial flexibility for the policyholder and their beneficiaries.