What values should I request before borrowing or withdrawing from life insurance cash value?

When the contract terms are examined, cash value access can reduce the amount available to support the policy and the death benefit. Review the policy terms and the latest illustration or benefit summary together, then have a licensed professional explain the applicable guarantees, exclusions, surrender rules, and beneficiary provisions in writing. When the contract terms are examined, request an in force illustration, benefit schedule, or written policy summary before changing a policy based on a verbal recommendation. For the coverage analysis, if loans and withdrawals become too large, the contract can lapse, and a lapse with gain in the policy may create taxable income.