Can You Get Cash From A Term Life Insurance Policy? 
Term Life Insurance does not have cash value or the ability to take policy loans , like Permanent -LRB- Indexed/Universal or Whole -RRB- Life . However , there are several major carriers that offer Living Benefit -LRB- Term or Permanent -RRB- policies that will accelerate up to 100 % of the death benefit , depending upon severity of illness , in case of Critical Illness -LRB- Cancer , Heart Attack , Stroke , Major Organ Transplant , Paralysis , etc. -RRB- ; Chronic Illness ; Terminal Illness ; or Death . Accelerated funds can be used for any purpose , such as : medical bills , mortgage payments , household expenses , lost income , long term care , etc. . And , the premiums are comparable to any other policy that only pay a death benefit . I have had multiple clients receive $ 50K - $ 250K after developing a serious illness . It is normally the only Life Insurance I recommend to clients . 