whole life policy
“With a whole life policy, the insurance company specifies an age at which the policy’s face value will be paid as an endowment to the policy owner if the insured person has not died by that time.”
I think this is for the situation where insured person has not died and the policy has been terminated by policy owner. In that case, policy cash value, rather than policy’s face value, will be paid as an endowment to the policy owner, right? If the policy has been terminated before insured dies, policy cash value will be withdrawn by policy owner and the beneficiary will get nothing, right?
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