Are you able to loan money from your life insurance?
filed in finance on Feb.01, 2010
Are you able to loan money from your life insurance?
I thought i remember my insurance agent telling me that if you needed to loan money from your policy you can and you pay so much interest. If so how much could you borrow..is it what you put in to it so far or what the life insurance policy amount is? How much time do you have to repay them?
February 1st, 2010 on 1:06 am
No, but you can BORROW it, if you have any cash value. You can only borrow a percentage of the cash value, and the cash value is LESS than you've paid in. So you're borrowing your own money back, but paying the interest to the insurance company.You NEVER have to pay them back, but if you die, they take that loan out of the death payout.
February 1st, 2010 on 1:06 am
lifeinsurance.awardspace.info – try this one. I have their insurance and, as remember, they can provide such a service.
February 1st, 2010 on 1:06 am
You borrow…the insurance company loans. The answer depends on the type of insurance policy. Read yours.
February 1st, 2010 on 1:06 am
talk to your insurance company as all policies are different.
February 1st, 2010 on 1:06 am
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