What is the cash value of a permanent life insurance policy?

The cash value of a permanent life insurance policy is the savings component that grows over time. As premiums are paid, a portion is allocated towards this cash value, which accumulates on a tax-deferred basis. The cash value can be accessed through policy loans or withdrawals, offering policyholders financial flexibility. It can be used for various purposes, such as funding education, supplementing retirement income, or fulfilling other financial obligations. The cash value amount depends on factors such as the premium payment, interest rates, policy expenses, and death benefit. It's important to consult with a New York Life Insurance advisor to determine the specific cash value details for your policy and explore how it aligns with your financial goals.