What is the real value of this whole life policy?

First of all, I am really sorry to hear your dad passed away.

In general, when you buy WL insurance, some your money goes to insurance, the rest into cash value account. However, if you die, beneficiary will received only insurance; if you will live until age 98-100 you will get cash value account (should be equal to the Death Benefit). Never both !!!

Daniel's response above is partially incorrect, and in some circumstances grossly wrong. The cash value of the account is the intrinsic worth of the actual cash assets in the WL policy. The death benefits, depending on the insurer, are still paid out to the beneficiary in addition to the cash value. Again, check the WL policy's Declarations and with the agent. Do your due diligence before signing and accepting the death benefits and/or any cash value.

There are two types of WL insurance death benefits.

The first pays only the death benefit signed up for (In this case, $100,000). The Cash Value component IS NOT part of the Death Benefit, and the cash value stays with the insurance company.

When "financial experts" (TV financial gurus) give their advice against WL policies, this is the type of WL policy they pick on.

I have to agree with them.....that product is a poor place to put dollars.

The second type of WL policy has an accumulated Cash Value AND Death Benefit.

My personal policy was for $250,000. By the time I am 65, given the current dividend scale, I will have $350,000 of Cash Value that will have propped up my death benefit to just under $700,000.

THAT, is the type of WL policy that makes sense.

In your father's case, it will depend on whether he bought the first type or the second type.

I also pass along my sympathy for your loss.