Definition
Cash Value (Canada): In a Canadian permanent life-insurance policy, the portion of money that has grown inside the plan and belongs to the policyholder while the coverage is still in force. It represents the total premiums paid plus earned investment growth, minus fees and the cost of insurance. The policyholder can access this money—usually after the first two or three policy years—by surrendering (cancelling) the policy, withdrawing part of it, or borrowing against it from the insurer, while keeping the life-insurance protection in place (subject to policy rules and taxation).
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