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 an option that allows the policyowner to stop paying premiums and convert the policy to a paid-up status with a lower face amount. While this option retains some insurance coverage, it does not provide access to the cash value accumulated in the policy, as it effectively terminates the original policy.

Fixed-period installments refer to a method of receiving death benefits or cash values over a specified period. This option does not allow the policyowner to access cash value while the policy remains active; instead, it distributes the cash value in predetermined payments, which does not equate to immediate access.

A spendthrift clause is a provision that prevents beneficiaries from accessing the policy’s death benefit until it is paid out, protecting it from creditors. This clause does not provide the policyowner with any means to access the cash value during their lifetime, as it is primarily focused on the protection of the beneficiaries’ interest.