Cash-value life insurance is life insurance that has a facility of providing cash to policyholders before the end of the policy term. A portion of premiums paid by policyholders are accounted for as insurance costs and the rest is accumulated as the policy savings also known as cash-value account.
The policyholder can use the cash out of savings provided by the policy for borrowing purposes by transferring his very right to the lender. Also, there are options like paying premiums out of savings in the case policyholder is facing difficulties in paying premiums for a short time.
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