There isn't a WL policy that shows higher CV in the guaranteed column. The guaranteed column will typically be substantially lower. It illustrates no dividends being paid ever. He's saying the client hasn't broken even yet. (his CV hasn't equaled his premium paid in) Don't forget, there is a cost of insurance to be paid each year. Its not a savings account. The costs go down substantially over time, but are the highest at the start. Most will have broken even by year 10 if designed and funded correctly. Some a couple years sooner.