Generally the life value. The surrender value is the money set aside to eventually pay the life value. For more detail see www.steveshorr.com/life.htm
Cash value of whole life insurance is referred to as the "Cash Surrender Value". The cash surrender value is money the policyholder is supposed to receive from the insurance company when surrendering the whole life insurance policy with cash value. The cash surrender value amount due is the sum of the cash value stated in the whole life insurance policy minus any surrender charge and any outstanding loans and interest due on the loans.
You will receive the cash value minus the surrender charges, not the face value of the policy.
Face value typically refers to the death benefit of the policy (i.e. how much your family would receive if you were to die). Cash surrender value is the amount of money that has accumulated (tax deferred) inside the policy and is the amount of money the owner would receive (before taxes) if s/he were to cancel the policy. Cash surrender value is different from plain old "cash value" or "accumulated value" in that most insurance policies have surrender charges for 10 to 20 years that reduce the total "cash value" or "accumulated value" down to the cash SURRENDER value.
Some types of life insurance policies accumulate cash value over time. If an insurance policy contract is surrendered before the maturity date, a surrender fee must be paid. Surrender value will be calculated by Cash Value minus Surrender charge.
Term insurance does not gather cash value. Surrender value tangentially correlates with cash value. Therefore, term insurance does not have a surrender value. If payment of premium stops, once the grace period expires, so does coverage.
== == == == The life insurance policy will state the face value ( death benefit ) of the policy. However, it may not state the amount that each beneficiary will receive as the number of beneficiaries may have changed since it was issued. Until a claim is paid, the beneficiaries will not know how much they'll receive.
That depends on whether or not you wish to continue having the life insurance in force at the insured's death. If you wish to have the life insurance in force at death, then it is best to borrow some of the cash value. If you surrender the policy, then you receive all the remaining cash value (less any surrender charges), but the death benefit is no longer there. Also the cash value received MAY be taxable.
Pays out to beneficiary-just the value of coverage not cash value if sold.
Since you paid it with after tax $$$ any money you receive would not be taxable, UNTIL it's more than what you paid into it. In that case, it might be better to take loans.
The best way to determine the cash surrender value of a life insurance policy is to talk to the local insurance agent or call the insurance company direct. This can make the premiums go up however.
The answer is yes to both of your questions.
Property insurance - If your property is damaged the insurance will pay for this to be repaired. Life insurance - If you die then your estate (or the named beneficiary) gets a payout to the value of the insurance.