What feature allows the insured to access funds from their policy?

The feature that allows the insured to access funds from their policy is the cash value. In a whole life or universal life insurance policy, a portion of the premiums paid goes toward building a cash value that accumulates over time. This cash value can be accessed by the policyholder through various means, such as loans or withdrawals.

By having cash value within the policy, the insured has the flexibility to access funds for emergencies, opportunities, or other financial needs without having to surrender the policy outright. The cash value can grow on a tax-deferred basis, which adds to its attractiveness as a financial resource. Therefore, understanding how cash value works in life insurance is essential for policyholders looking to utilize their policy as a financial tool.