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deb157_2000 | Can you borrow against your life insurance policy? |
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mbrcatz
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If you have a cash value policy, you can borrow most of the cash value. You pay interest to the insurance company. If you die before paying it back, the insurance company subtracts that amount from what they pay out. If you let the polciy cancel, well, it was YOUR OWN CASH VALUE that you were borrowing.
Cash value usually builds, after the first few years, at about 10% of what you pay in. So if you pay $1,000 a year, cash value is about $100 a year. |
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LifeInsuranceAgent
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Yes if it is a cash value policy.
Be careful, if you borrow too much and lapse the policy you may have a taxable event to contend with. |
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bud68
 |
If it is a whole life policy with an accumulated cash value. |
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botygy
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If it has a cash surrender value, yes, usually. Depends on the policy. |
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aaron p
 |
I've written some other relevant articles on this topic, but the short answer is "yes if it has surrender value, but it is usually not wise."
If you have a more specific question about borrowing from your policy, please feel free to add more detail. |
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