Five years ago, I opened a 20-year term life insurance policy with Protective Insurance. In my recent annual statement for the policy, I was surprised to see a non-zero value listed next to "surrender value." The value listed here is about 75% of my annual premium. I don't remember if previous statements had a non-zero surrender value listed.
I didn't think term policies would have a surrender value, and everything I could find via a quick internet search also indicated as much.
Is it possible for a term policy to have a surrender value, or is the term being used in a different way here than it is for a whole life policy?