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malikabrown1978 | Can you borrower from life insurance policies? |
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Richie Rich
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You can borrow your own money from cash value policies. However, if you fail to pay it back before you die, the insurance companies takes the money, plus interest and fees, from the death benefit.
The purpose of a life insurance policy is to provide a death benefit, not a loan source.
If you give me $10k to hold on to for when you need it most. I'll go invest it at say 9-12% interest. For you putting your money in my safe keeping, I'll pay you 3-4% interest on your money.
This is your money by the way. When you need it, I'll let you loan it to yourself, but you have to pay it back at 6-8% interest to make up the money I lost from you taking out your money.
And BTW, I took some of that money and got a TERM policy to cover your death. That way your family is not hurt. However, if you die, I am going to keep your money unless you either pay me for the privilege or accept a lower interest rate.
Does any of that seem fair? That's how cash value policies basically work. |
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Wendy S
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You generally cannot borrow from a Term life insurance policy, but you generally can borrow the cash value from a Whole Life or Universal Life insurance policy.
Also, you cannot borrow it for free. You pay interest on the borrowed money, but in many cases it continues to earn interest as if the money was still there, so your net cost is less. For example, if your policy pays 5% interest on your cash value and the loan interest rate is 8%, you are really only out 3% interest on the money you borrow.
You also don't always have to pay it back - but you do want to make sure there's enough cash value to keep the policy going.
Talk to your insurance company and get all of the facts and figures relevant to you and your policy before making any decision.
Good luck!
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Insurance Pickle.com
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you can borrow off a portion (!90%) of the cash in a cash value policy. If there is no cash, then no you can't.
http://www.InsurancePickle.com |
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hotlantachinadoll
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yes. i just did. the best thing about it is you pick how much u want to pay back. of course they give u a limit as to how much u can borrow. |
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mbrcatz
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You can borrow up to about 90 percent of the cash value of your policy, if you have a cash value.
The cash value, is about 10 percent of what you've paid into it, over the years. |
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Worldly25
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Yes if it is a Whole Life Policy |
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