What must a life insurance policy include to indicate it provides a "cash value"?

A life insurance policy that provides a "cash value" must include a savings component with an accumulated value. This means that as the policyholder pays premiums, a portion of those premiums contributes to a cash value that builds up over time. This accumulated value can be accessed by the policyholder during the life of the policy, offering a financial resource that can be borrowed against or withdrawn if needed.

The concept of cash value is typical of permanent life insurance products, such as whole life or universal life policies, which are designed to last throughout the insured's lifetime and accumulate value. The cash value grows on a tax-deferred basis, providing additional financial flexibility for the policyholder.

This feature is distinct from term insurance, which generally does not build cash value, as it is designed solely to provide a death benefit for a specified term. The other options mention features such as loan options or premium waivers, but these do not inherently indicate the presence of a cash value in the policy itself; rather, they are supplementary benefits or features that may accompany different types of insurance policies.