Life insurance policies typically provide benefits to beneficiaries upon the death of the insured person. However, there are certain types of life insurance policies and features that can provide benefits while the insured person is still alive. Here are some ways you can use life insurance while alive:

1. Cash Value Accumulation: Some permanent life insurance policies, such as whole life or universal life insurance, accumulate cash value over time. This cash value grows tax-deferred and can be accessed by the policyholder through withdrawals or loans. Policyholders can use the cash value for various purposes, such as supplementing retirement income, paying for education expenses, or covering emergency expenses.
2. Policy Loans: Policyholders of permanent life insurance policies can borrow against the cash value of their policies through policy loans. These loans typically have a fixed interest rate and can be repaid over time. Policy loans can be used for any purpose, and the policyholder is not required to undergo a credit check or provide collateral.
3. Surrendering the Policy: Policyholders can surrender their permanent life insurance policies and receive the cash surrender value, which is the remaining cash value after any surrender charges or fees. Surrendering a policy is a permanent decision, and it will terminate the coverage provided by the policy.
4. Accelerated Death Benefits: Some life insurance policies offer accelerated death benefit riders that allow policyholders to receive a portion of the death benefit while alive if they are diagnosed with a qualifying terminal illness, chronic illness, or critical illness. These benefits can help policyholders cover medical expenses and other costs associated with their illness.
5. Annuity Payments: Some life insurance policies offer annuity options that allow policyholders to convert their death benefits into a stream of income payments during retirement. Annuity payments can provide a reliable source of income to supplement other retirement savings.

It’s essential to review the terms and conditions of your life insurance policy and consult with a financial advisor or insurance professional to understand how you can access the benefits of your policy while alive and evaluate the potential impact on your overall financial plan. Additionally, accessing the cash value or benefits of a life insurance policy may have tax implications, so it’s important to consider the tax consequences of any decisions you make regarding your policy.