During which period is the cash value in a life insurance policy expected to grow?

The cash value in a life insurance policy is expected to grow during the accumulation period. This is the time frame during which the policyholder pays premiums and the insurer allocates a portion of those payments to build cash value. As premiums are paid regularly, the cash value increases gradually, providing a savings component that can be accessed by the policyholder under certain conditions.

In contrast, the premium payment stage refers solely to the time when premiums are being paid without necessarily focusing on the growth aspect of the cash value. The coverage period generally refers to the time the policy is in force, providing death benefits to the beneficiaries, rather than emphasizing cash value growth. The claim settlement period pertains to the timeframe after a claim has been made, where the insurer processes and pays out the death benefit, which does not involve cash value accumulation for the policyholder. Thus, the accumulation period is the correct term that specifically denotes when the cash value is expected to increase within the life insurance policy.