Which of the following is typically a feature of life insurance policies?

Life insurance policies generally include various features that provide protection and financial benefits to the insured and their beneficiaries. One of the key features is the ability to change beneficiaries and the possibility of cash surrender value.

The option regarding beneficiary changes is crucial because life insurance policies are designed to provide a death benefit to a designated person (the beneficiary) upon the insured's death. Policyholders typically have the flexibility to change their beneficiaries over time to reflect changes in their personal circumstances, such as marriage, divorce, or the birth of a child.

Additionally, many permanent life insurance policies, such as whole life or universal life insurance, include a cash surrender value component. This is essentially a savings or investment portion of the policy that accumulates over time. Policyholders can surrender their policy before death and receive the accumulated cash value, providing liquidity and an option if they no longer need the insurance coverage.

Thus, the option that includes beneficiary changes and cash surrender value aligns with common features found in life insurance policies, making it the correct choice.