But life insurance also can provide cash for you while you’re living—that is, if you have a cash value life insurance policy. This is one of the perks of a permanent policy and a key reason it costs more than a term life insurance policy (along with lasting your entire life). The cash value in a life insurance policy grows at either a fixed or variable rate, depending on the type of policy you have. Withdrawing the Cash You NeedBecause the cash in a permanent life insurance policy is yours, you can withdraw it when you want. You could consider a life settlement if you have an immediate need for cash that trumps the need for life insurance.

Source: Forbes September 07, 2020 10:01 UTC