Legal Question in Insurance Law in California

Re: Whole life insurance

No. The proceeds are payable upon death. The owner is entitled to the cash value of the policy, plus accumulations, either taken by borrowing it (reducing the death proceeds) or surrenduring the policy to cancel it. Speak to a knowledgeable estate planning attorney or accountant before making such an important decision, as the owner may be uninsurable so that this policy is worthy of keeping.