Which of the following gives the policyowner access to the cash value that accumulates inside the policy without having to terminate the policy?

Reduced Paid-up Insurance is a non-forfeiture option that allows the policyowner to stop paying premiums and convert their policy into a paid-up policy with a reduced face amount. While this option preserves some coverage, it does not provide access to the cash value accumulated in the original policy, thus making it an ineffective choice for accessing funds without terminating the original policy.

Fixed-period Installments refer to a method of paying out life insurance benefits over a set period. This option is relevant during the payout phase of a policy but does not pertain to accessing cash value while the policy remains active. Thus, it does not fulfill the requirement of providing access to cash value.

The Spendthrift Clause is a provision that protects the policy proceeds from creditors and restricts the beneficiary's ability to assign or transfer their interest in the policy. While it serves a protective function, it does not relate to accessing the cash value of the policy, making it an irrelevant option in this context.