A more thorough explanation:

Definition: Life insurance avails refer to any additional benefits an owner of a life insurance policy may receive, apart from the basic proceeds from the policy. These benefits may include borrowing against the policy or cashing in the policy's surrender value to the insurance company. Life insurance avails are often protected from creditors in bankruptcy.

• Borrowing against the policy: If the owner of a life insurance policy needs money, they may be able to borrow against the policy's cash value. This means that they can take out a loan from the insurance company using the policy as collateral. The loan will need to be repaid with interest, but it can be a useful way to access funds in an emergency.
• Cashing in the policy: If the owner of a life insurance policy no longer needs the coverage, they may be able to surrender the policy to the insurance company in exchange for its cash value. This means that they will receive a lump sum payment from the insurance company, which they can use for any purpose they choose.

These examples illustrate how life insurance avails can provide additional benefits to policy owners beyond the basic death benefit. By borrowing against the policy or cashing it in, policy owners can access funds that they may need for other purposes, such as paying off debt or covering unexpected expenses. Additionally, because life insurance avails are often protected from creditors in bankruptcy, they can provide a valuable source of financial security for policy owners in difficult times.