Can I use my life insurance while Im living?

Life insurance allows you, the policy owner, to build cash value through your life insurance policy that accumulates over your lifetime. This is considered a living benefit of life insurance because, in contrast to a death benefit that pays out when you pass away, you can use the money while you're still alive.

How do I use my life insurance when I’m alive?

There are three ways that you can cash out your life insurance policy while you're still alive: Tap into the cash value through loans, withdrawals, or surrender. Apply for living benefits. Life settlements

Life settlements
A life settlement is the legal sale of an existing life insurance policy (typically of seniors) for more than its cash surrender value, but less than its net death benefit, to a third party investor.
https://en.wikipedia.org › wiki › Life_settlement

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Can you withdraw money from a life insurance policy?

Instructions. A policy with an accumulated cash value can be surrendered for cash. However, by withdrawing or surrendering your policy, you are losing the valuable benefits and cover of your policy, which may hinder you from meeting your long-term financial objectives.

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