The Automatic Premium Loan (APL) feature ensures that your life insurance premiums are paid on time by automatically using your policy’s cash value to cover any missed payments. If you forget or are unable to pay, the APL steps in, helping to keep your policy active.
This option is especially helpful in whole life insurance policies, where cash value is built over time. It acts as a safety net but reduces your cash value, so it’s important to stay aware of how much is being used.