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As a benefit counselor for American Income Life, I am OFFENDED that potential employees and clients insist on getting their information from internet bashing sites instead of calling the government ...
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steve
Can i use my whole life insurance policy as collatteral for a loan?
You may use anything as loan collateral provided the lender accepts it as collateral. Put it on the table if you need to and let them turn it down.
abradley57
You can use the available cash value of your policy, providing the bank is agreeable to taking it.
bud68
Only the cash value - not the face amount.
bklyn_40
It would depend on the cash value(not the death benefit) of the policy versus the amount of the loan.
George G
Possibly, speak with your agent and tax consultant.
mbrcatz
Most likely not. See, the owner of the policy could still change the beneficiary designation, the day after the loan. Plus, someone has to guarantee that the owner would keep paying the premiums on it.
If you transfer ownership to the bank, they likely won't want to keep paying the premiums, if you're expecting them to transfer it back when the loan is paid off.
Lolita M.
There is a policy that in special circumstances such as yours where you being the debtor & whomever you owe for the loan may request that you take out a life insurance policy to insure they will be paid if something were to happen to you. However I would NEVER suggest that you use your personal life insurance policy to cover a loan. That defeats the purpose of your protection after death such as your funeral costs that will be left upon your family once you are gone. If you want to know if your personal life insurance policy will cover your debt after death the answer is yes if your policy has enough funds to pay for it.
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