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C. "20-Pay Life will accumulate cash value faster."
With the exception of the Endowment policy, which is always the most expensive and always builds cash values the fastest, you can simply remember this truism: The shorter the premium-paying period, the more expensive the premiums and the faster the cash value builds. Since all the policies mentioned are forms of Whole Life, reaching their maturity at age 120, the only thing different is the premium-paying period. A 20-Pay Life requires that all the premiums be paid within 20 years from the day it is purchased. A Whole Life [or Straight Life] policy requires the premiums to be paid to age 120. If Clark is now 30, the assumption is that he would have to pay premium to age 120, or 90 years. Obviously, 20-Pay Life, which would require the premiums to be paid in over three times as fast, would be much more expensive and would also build cash values much faster.
D. Premiums are payable throughout the insured's lifetime, and coverage continues until the insured's death
Whole Life insurance assumes that the insured will pay the premiums until death or until age 120, whichever comes first. If the insured is still alive at age 120, the policy will reach maturity and pay the insured the face amount or cash value, whichever is more. This is because the insurance company's Mortality Table states that everyone has died by their 120th birthday.
An insured who would like to retire at age 65, keeping the life insurance in force but discontinuing premium payments, should consider buying an LP 65, which is a Whole Life policy with a limited payment period. Of course, the shorter the premium paying period, the higher the premium.
An insured buying Straight Whole Life, which matures at age 120, could also stop paying their premiums at age 65 by selecting the Reduced Paid Up Non-forfeiture option. This would result in the insured having a new Whole Life policy paid up to age 120 with a cash value and a death benefit somewhat reduced from their original policy, but no further premiums would be due.