|Term Life||Whole Life||Universal Life|
|Variable Universal Life||Accidental Death||Final Expense Life|
What is the cash value of my life insurance policy?
If you own a permanent life insurance policy, it has the potential to build up cash value. Within the cash value component of a whole, universal or variable universal life insurance, cash value is allowed to accrue on a tax-deferred basis. This means that you don’t have to pay taxes on any cash value growth until the time of withdrawal.
By having access to your cash value, you know that funds are available in case of an emergency. Funds from your life insurance policy can also be used for a number of other needs as well, such as a college costs, buying into a business opportunity or supplementing your future retirement income.
How do I access my policy's cash value?
There are many ways to access a life insurance policy's cash value. These methods can include withdrawals or loans. Prior to moving forward, decide which method will work best for your specific needs. And remember, they will reduce the policy's death benefit.
In order to determine the amount of cash value in your current life insurance policy, contact a Transamerica insurance agent.
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