Can I withdraw money from my universal life insurance policy?

Yes. You can take money out of your account, borrow from the insurer with a policy loan, or use the policy as collateral for a loan from a bank or other lender. A withdrawal lowers your account value, may lower your death benefit, and leaves less to cover the monthly cost. Any loan still owing when you die is paid from the death benefit. Using your cash value may be taxable, so we’ll walk you through it before you decide.