Which statement does NOT accurately describe whole life insurance?

Whole life insurance is a type of permanent life insurance that provides lifelong coverage and includes a savings component, which allows it to accumulate cash value over time. The statements that accurately describe whole life insurance highlight its dual purpose as both a death benefit and an investment vehicle.

The assertion that a policy accumulating cash value is less expensive than one that does not is inaccurate. In fact, whole life insurance policies, which build cash value, generally have higher premiums compared to term life policies that provide only a death benefit without the cash accumulation feature. This discrepancy in cost reflects the added benefits and features that whole life insurance offers.

Thus, the correct identification of the statement that does not accurately describe whole life insurance emphasizes the misunderstanding of the cost dynamics related to the coverage and benefits. Policies that accumulate cash value are typically more expensive due to the additional financial benefits they provide to the policyholder and their beneficiaries.