Yes, there are life insurance policies that can provide a benefit known as “cash value” or “cash surrender value,” which allows the policyholder to receive a portion of the premiums they have paid into the policy over time. These types of life insurance policies are commonly referred to as “cash value life insurance” or “permanent life insurance.”

There are several variations of cash value life insurance, including…

1. Whole Life Insurance – Whole life insurance is a type of permanent life insurance that offers a guaranteed death benefit and builds cash value over time. The cash value grows at a predetermined, guaranteed rate, and policyholders can typically access this cash value through loans or withdrawals.
2. Universal Life Insurance – Universal life insurance provides more flexibility than whole life insurance. Policyholders can adjust their premium payments and death benefit over time. The policy’s cash value may be invested, and the growth depends on the performance of the underlying investments.
3. Variable Life Insurance – Variable life insurance allows policyholders to invest the cash value in a variety of investment options, such as stocks or bonds. The cash value can fluctuate based on the performance of these investments.
4. Indexed Universal Life Insurance – This type of insurance combines features of universal life with the potential for cash value growth tied to the performance of a stock market index. It offers more growth potential than traditional universal life policies but may also come with more risk.
5. Participating Whole Life Insurance – Participating whole life policies are offered by mutual life insurance companies. Policyholders may receive dividends based on the company’s financial performance, which can be used to enhance the policy’s cash value.

Accessing the cash value of a life insurance policy through loans or withdrawals can have tax implications, and the amount available may depend on the specific terms and conditions of the policy. Any loans or withdrawals may reduce the death benefit payable to beneficiaries.

Before purchasing a cash value life insurance policy, it’s advisable to carefully review the policy terms, costs, and potential benefits. You may also want to consult with a financial advisor or insurance professional to determine if such a policy aligns with your financial goals and needs.