How Can I Use Life Insurance While Still Alive?
Life insurance can be a valuable asset even while you’re still alive. You can surrender your policy for a cash payout - with certain conditions and penalties - or you can take out a loan from the life insurance company against your policy’s cash value.
These options could make sense if you need to raise funds for an emergency, purchase, or other expense and don’t want to incur any additional debt.
However, it’s important to understand all the terms and conditions of each option before making any decisions as it may impact the future of your life insurance policy.