Can you cash out the cash value of life insurance?

Can you cash out the cash value of life insurance?

You can usually withdraw part of the cash value in a whole life policy without canceling the coverage. Instead, your heirs will receive a reduced death benefit when you die. Typically you won’t owe income tax on withdrawals up to the amount of the premiums you’ve paid into the policy. Apr 24, 2020

See also  What can make your life insurance go up?