Co-Founder, Coastal Financial Partners Group, California
If term life insurance has a cash value, it is possibly a universal life policy priced to provide temporary coverage for a low level premium. Some insurers have introduced "UL Term". There is also a product called Return of Premium Term which is temporary term coverage that provides a cash surrender value at the end of the term period which represents a return of the term premiums paid. It used to be more popular when the rates for this niche product were a lot lower.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
what is a term life with a cash value? There may be some very old term life policies that also produced a small cash value, but mainly no. There is return of premium term life, but those are designed to refund premium at completion of the term.
Universal life would best fit the description of term insurance with a cash value.
This sounds like a simple misunderstanding. In the present term life insurance marketplace there is no such thing as cash value term life insurance. It is possible a guaranteed universal life insurance policy, by design or illustrated to mimic term life insurance, may be masquerading as a term life insurance.
Some people might explain "living benefit" Term life insurance as having a cash value. The description is not accurate, because the cash in a living benefit policy comes from the face amount, is not available to use unless the insured person qualifies in some way. I.e., is diagnosed with certain chronic illnesses, is unable to perform two or more ADL's, and/or is medically determined to be terminally ill. However, that could be what you are referring to.
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Universal life would best fit the description of term insurance with a cash value.