Which factor does NOT affect a policy's cash value growth?

The insured's age does not directly affect a policy's cash value growth in the same way that the other factors do. Cash value growth in a life insurance policy is primarily influenced by the interest rates applied to the account, the performance of underlying investments, and policy expenses.

Interest rates can determine how much the cash value grows over time, especially in whole life policies where guaranteed interest or dividend rates are crucial. The performance of underlying investments is vital for policies tied to market investments, such as universal life or variable life policies, where cash values can fluctuate based on market performance. Policy expenses, including administrative fees and cost of insurance, also impact cash value growth since higher expenses can reduce the amount that goes toward cash value accumulation.

In contrast, while the age of the insured can affect other aspects of life insurance, such as the cost of premiums and the risk assessment for underwriting, it does not play a direct role in how cash value accumulates after the policy is in force. The growth of cash value is governed more by the contractual elements of the policy itself rather than the demographics of the insured individual.