How could borrowing or withdrawing from life insurance cash value affect the amount my family eventually receives?

For this contract based question, cash value access can reduce the amount available to support the policy and the death benefit. When benefits and restrictions are reviewed together, if loans and withdrawals become too large, the contract can lapse, and a lapse with gain in the policy may create taxable income. Look first to the policy contract and the latest illustration or benefit summary, then have a licensed professional explain the applicable guarantees, exclusions, surrender rules, and beneficiary provisions in writing.