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businesswoman1 | Can you borrow money(ies) off of your life insurance. I know you may have to do a 1099IRS form the end of year |
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mbrcatz
|
If you have a CASH VALUE policy, you can borrow against the cash value (not the face value~!), but you have to pay the interest to the insurance company, AND, if you die, they subtract the loan from the payout.
It's a ROTTEN way to borrow money, as cash value is your own money, overpaid to the insurance company. So you pay interest to someone else on your own money.
LOL if you give me $10,000, I'll loan you half of it back, at a lower rate than they'll charge. See what I mean? It's a dumb deal. |
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Debbie_in_Gold
 |
If it is whole life and you have built up premiums. It is considered a loan so you will probably not have to pay taxes. |
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Makotto
 |
The short answer will be yes, but only if the amount you borrowed is bigger than the premiums you have paid so far.
Some policies (like some Universal Life plans) are designed to grow really fast (provided they are well funded) and it can happen that the Cash Value on the policy surpasses the premiums paid so far.
For example, let's say you pay 200 each month for your policy, making it 2400 a year.
You have your policy for 10 years (that's 24000 in payments) and your cash value is 35000.
If you borrow 30000, you will have to file tax paperwork for the 6000, not for the complete amount, because the other 24000 you already paid as premiums. |
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Heather M
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The correct answer depends on
1)the type of life insurance you have and
2) the interest rate they charge to borrow.
3)what your cash value is
and
4)How long it will take you to pay back the money.
You have nothing to borrow if you have a term policy.
If you have a whole life, universal or variable universal policy you can usually up to 90% of the cash value.
Lets say that the policy is charging 5% to borrow and you are currently getting a 5% return on the money.
Since the money you borrowed is still invested (yes you are still invested) then your effective rate is 0% since the 5% return offsets the 5% you are paying to borrow on the money.
Personally I have a Variable Universal Life which has been returning about 9%, my cost to borrow has been 4.5%, I have borrowed money and still seen a nice growth in the cash value, so in effect I have still had about a 4.5% return on money I borrowed because that money is still invested.
You are under no obligation in Universal or Varible Universal Life policies to pay the loan back and their is no set time period.
However, in most cases you do want to pay the money back because the interest will accrue year after year until the policy collapses. |
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toodeemo
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You do not have to declare income if you borrow against your policy. It's a loan, just like any other loan. Since you have to pay it back, it is not considered income. If you take money out of a pension or IRA before you qualify, you have to pay taxes on that, as well as a penalty.
One note. Not all life insurance policies accrue cash value. Whole life or some modified form of whole life will. Term life generally does not. |
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aaron p
 |
Please search Y/A for other recent questions on this same topic. Long story short, there may be a better way to go about this other than borrowing money. You should be able to withdrawal up to your cost-basis. Only the amount in your policy that exceeds your cost-basis would be taxable and only in the year that your life policy lapses. Talk with your agent or customer service with the life insurance company.
If you plan to make any material changes like this to your policy, always order an "inforce illustration" and review it carefully before you take action so that you understand what effect this has on your coverage. In fact, even if you don't plan on doing anything, it's probably not a bad idea. |
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