Which statement is false regarding the comparison between a whole life policy and a 10-year renewable term plan for two individuals with the same premiums?

The statement regarding the comparison between a whole life policy and a 10-year renewable term plan is evaluated based on the characteristics of each type of policy. A whole life insurance policy provides lifelong coverage and includes a cash value component, which grows over time. In contrast, a 10-year renewable term policy offers coverage for a specified term, in this case, a decade, and typically does not accumulate cash value.

The assertion that the whole life policy will pay a higher amount to the beneficiary should the insured die within the first 10 years is misleading. While whole life policies typically have a higher death benefit than term policies, especially in the initial years, the 10-year renewable term policy typically also provides a death benefit that is equal to the face value of the policy for that term. When comparing these policies directly, for individuals paying the same premiums, it's possible that a higher face amount is associated with the term insurance, particularly because term policies are designed to offer larger death benefits for a given premium compared to whole life.

The other statements accurately reflect the features of each policy: the 10-year renewable term policy indeed has a level premium for its duration, the whole life policy accumulates cash value over time, and the term policy does experience premium