If Larry wants to use part of his whole life policy's cash value without giving it up, what is the best advice?

When someone with a whole life insurance policy wants to access the cash value without surrendering the policy, taking a loan against the cash value is the most effective solution. This approach allows the policyholder to retain the life insurance coverage while utilizing the funds from the cash value for their needs.

Whole life policies accumulate cash value over time, which can be borrowed against. By taking a loan, Larry can access a portion of this cash value while keeping the policy intact. It’s important to note that as long as he continues to pay premiums, he maintains his coverage. Additionally, the loan does not incur immediate tax consequences, making it a financially sound option, assuming Larry manages the loan repayment appropriately.

Utilizing the cash value in this manner enables Larry to achieve his financial goals while ensuring that his life insurance coverage remains active, making it a strategic financial decision.