You can take money from your IUL anytime, but fees and surrender charges may be associated with doing so. If you need to access the funds in your IUL policy, weighing the pros and cons of a withdrawal or a loan is essential. A withdrawal will reduce the cash value in your policy and may trigger surrender charges. A loan will not reduce your policy's cash value, but you must still repay the loan plus interest.
It is also important to remember that taking money out of your IUL policy may affect your death benefit. If you take a withdrawal, the death benefit will be reduced by the withdrawal amount. If you take a loan, the death benefit will be reduced by the loan amount, plus interest.