What is typically accumulated in a whole life insurance policy that can be surrendered or borrowed against?

In a whole life insurance policy, the cash value is the amount that accumulates over time and can be surrendered or borrowed against by the policyholder. This cash value grows at a guaranteed rate set by the insurance company and can be an important feature for individuals seeking both life insurance protection and an investment component.

The policyholder can access these funds through a loan or by surrendering the policy entirely. In contrast, death benefits are not directly accessible while the policyholder is alive; they only pay out upon the insured's death. Premiums paid are the costs for the coverage but are not an accumulative value that can be accessed. Health benefits are typically associated with health insurance rather than life insurance policies. Therefore, the cash value stands out as the correct answer, as it reflects the savings element of whole life insurance that provides flexibility for the policyholder.