Term life insurance policies typically do not have a cash surrender value. Unlike permanent life insurance policies, such as whole life or universal life insurance, term life insurance is designed to provide coverage for a specific period, usually ranging from 10 to 30 years, without accumulating cash value. The primary purpose of term life insurance is to provide a death benefit to the policyholder's beneficiaries in the event of the insured's death during the term of the policy. Since term life insurance does not build cash value, policyholders do not have the option to surrender the policy in exchange for a cash value or take out loans against the policy's value. It's important to note that the absence of cash value in term life insurance often makes it a more affordable option compared to permanent life insurance policies. However, individuals seeking an insurance policy with an investment or savings component may find permanent life insurance more suitable for their needs. Overall, term life insurance serves as a straightforward and cost-effective way to secure financial protection for loved ones in the event of the policyholder's passing, without the complexities of cash value accumulation and associated features found in permanent life insurance policies.