Question on interest and whole life insurance.
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2 Responses
2.1.2010
When you borrow from your permanent (whole) life policy, the interest you pay goes back to the insurance company in all the cases I've seen. Isn't that interesting that you borrow your own money and pay them interest to do so? That's not really something they tell you when they're trying to sell you the policy, is it? Of course, with your specific policy it MAY be different (though I doubt it), so you should look through your policy as it will have a section about it.
2.1.2010
A whole life insurance plan (actually it is assurance). You pay in a premium for the duration of the policy (age 65?). You get nothing back. If you die the insurance company pays out the sum assured to the next of kin. There must be something more to your policy like term investment.Give us the full facts and someone may be able to help.