Whole-life insurance has a cash value for the insured person if he decides to stop paying premiums and cash the policy in.

True or False?

The given statement "Whole-life insurance has a cash value for the insured person if he decides to stop paying premiums and cash the policy in" is true.

Explanation:

Full life insurance gives the clients a death benefit upon their death. It also offers the money value you can use after several years of regulation. The value of the cash for a whole lifetime is different from the general policy on how well the policy has been credited to the interest.

Life long protection together with an investment account is given by cash value insurance policies. A part of your premium costs or cash value will be paid into the investment account and that money will increase over time. You will earn the cash value less the costs of the contract if you wish to cash in your life insurance and pay out the lender's coverage early.