I would like to borrow $500 from my life insurance policy. Is this possible?
Actually, it depends on the type of life insurance you own and how much cash value has grown inside the policy over time.
Term life insurance does not have ny cash value inside the policy so you can;t borrow any money from it.
However, whole life insurance plan may build up some cash value inside the policy over time. You may be able to borrow up to 75-80% of the cash vale in a whole life policy.
Here's how you can learn more about whole life insurance and how it works.
Actually, it depends on the type of life insurance you own and how much cash value has grown inside the policy over time.
Term life insurance does not have ny cash value inside the policy so you can;t borrow any money from it.
However, whole life insurance plan may build up some cash value inside the policy over time. You may be able to borrow up to 75-80% of the cash vale in a whole life policy.
Here's how you can learn more about whole life insurance and how it works.
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