If you need cash in the short term and don’t mind giving up long-term advantages, considering cashing in on your policy may make sense.
Do you need a quick infusion of potentially tax-free cash? If you have the correct type of insurance policy, you may be able to access funds from it while you’re still alive.
But what type of insurance policy do you need? There are several types and ways to collect funds from your insurance policy.
Types of Insurance Policies You Can Use for Cash
With one exception, only permanent insurance policies can be used for cash while you’re still alive. These include whole life insurance and universal life insurance.
