<Li> Death of key person </Li> <Li> Supplemental executive retirement plans (S.E.R.P.) </Li> <P> While Term life may be suitable for Buy - Sell agreements and Key Person indemnification, cash value insurance is almost exclusively for Deferred Comp and S.E.R.P.'s . </P> <P> Level premium whole life insurance (sometimes called ordinary whole life, though this term is also sometimes used more broadly) provides lifetime death benefit coverage for a level premium . </P>

What is payable to a policyowner if a whole life policy is surrendered prior to its maturity date