If you want a policy that has cash value, that plan will charge more in the early years than a term policy would. The life insurance policies would be comparable in the amount of life insurance.
What happens to the extra money? It is invested and is used to establish the cash value, which will keep the later years’ premiums level in as the policy goes on throughout time. Normally, the policy cost would dramatically increase. This is because of the insured’s increasing age. A cash value plan, however, keeps those premiums level.