This lets you convert your policy into a new life policy at the end of the term without the need to provide information on your state of health at the time.
He accepted that the employees received a payment in kind in the form of the life policy or policies with an enhanced value.
But the surrender value of a whole life policy is usually lower than that of an endowment policy for a similar amount.
Whole life premiums start out significantly higher than those of comparable term life policies, but over time the term policy's ever-increasing premium overtakes the whole life policy's level premium.
Other factors affecting the market value include the type of life policy, the policy's cash value and any loans against the policy.