Reader Question Can I get cash from my term life insurance policy if I need it? I have heard you can use your life insurance as a loan sometimes.

Paul,

St. Louis MO

Hi Paul,

Term policies don’t usually build up a cash value, but policies with a return of premium benefit will have a small cash value. Terms and conditions of each annuity contract will vary. Ask the agent and company for an explanation of anything you do not understand.

Term insurance generally provides the largest immediate death protection for your premium dollar. Most term insurance policies are renewable for one or more additional terms even if your health status has changed.

Term insurance covers you and pays your designated beneficiary in the event of your death or certain other catastrophic events. It is not an investment policy; it has no cash value. Term insurance has no buildup of cash value as some other types of insurance allow. Need help finding the cheapest life insurance rates online?