For many people, life insurance is something purchased and filed away, often thought of as an important long-term safety net for loved ones. But if you own a permanent life insurance policy that accumulates cash value, such as whole life or universal life, you may also have access to something extremely practical: the ability to access (or borrow against) the policy’s cash value.
This can be an efficient and flexible way to meet financial needs, especially during major life transitions like periods of unemployment, unexpected expenses, or short-term cash flow challenges. The key is understanding how the process works and how to do it responsibly, ideally in collaboration with your financial advisor.