No, you cannot borrow money from a term life insurance policy.
You can only borrow money from a permanent or whole life insurance policy.
Term life insurance does not build any cash value in side of the policy, it is pure life insurance protection, not an investment.
Term life is temporary life insurance, usually for a period of 10 to 30 years.
A whole life insurance policy is more costly because it provides lifetime life insurance coverage and does build some cash value inside the policy over time.
You may be able to borrow money from the cash value of a whole life policy.
You can only borrow money from a permanent or whole life insurance policy.
Term life insurance does not build any cash value in side of the policy, it is pure life insurance protection, not an investment.
Term life is temporary life insurance, usually for a period of 10 to 30 years.
A whole life insurance policy is more costly because it provides lifetime life insurance coverage and does build some cash value inside the policy over time.
You may be able to borrow money from the cash value of a whole life policy.
RSS Feed
