Which statement is universally true across all types of life insurance policies?

The correct statement is that life insurance policies are noncancellable by the insurer except for non-payment of premium. This means that once a policy is issued, the insurer cannot unilaterally cancel the policy provided that the policyholder continues to pay their premiums on time. This feature provides stability and peace of mind for the policyholder, as they can rely on the coverage being in force for the duration specified in the policy, assuming premium payments are up to date.

In contrast, not all types of life insurance policies involve policy dividends, as dividends are typically associated with participating whole life insurance policies and are not universally applicable to all life insurance products. Additionally, while many life insurance policies do allow for cash value accumulation, this feature is primarily found in permanent life insurance products (such as whole life and universal life), and not in term life insurance policies, which do not build cash value. The statement regarding premiums being invested in the insurer's general account may apply to some policies but does not universally guarantee the values associated with different types of life insurance products. Therefore, the specific structure surrounding the cancellation of policies offers a clear, universal truth applicable across all life insurance types.