If you have a life insurance policy you may have considered taking a loan out on your life insurance.
Only certain types of life insurance policies build up cash value inside the policy from which you can take a loan.
These are called permanent life insurance plans, which build cash value, as opposed to term life insurance plans, which do not build cash value inside the policy.
Over time, permanent life insurance may build up some cash value inside your policy from which you may take a portion of this cash as a loan, that you have to pay back into your policy.
If you have questions about the loan provisions of your life insurance policy you can call your life insurance agent, or contact your life insurance company.
The information about loans should be stated in your life insurance policy listed in the section regarding loan provisions.
However, if you call your life insurance company and give them your name and policy number they should be able to tell you how much money is available inside the life insurance policy for a loan.
If you take a loan, the insurance company will give you a loan repayment plan which you have to pay back to them, or your amount of life insurance may be reduced over time if you do not pay back the money loaned to you.
Only certain types of life insurance policies build up cash value inside the policy from which you can take a loan.
These are called permanent life insurance plans, which build cash value, as opposed to term life insurance plans, which do not build cash value inside the policy.
Over time, permanent life insurance may build up some cash value inside your policy from which you may take a portion of this cash as a loan, that you have to pay back into your policy.
If you have questions about the loan provisions of your life insurance policy you can call your life insurance agent, or contact your life insurance company.
The information about loans should be stated in your life insurance policy listed in the section regarding loan provisions.
However, if you call your life insurance company and give them your name and policy number they should be able to tell you how much money is available inside the life insurance policy for a loan.
If you take a loan, the insurance company will give you a loan repayment plan which you have to pay back to them, or your amount of life insurance may be reduced over time if you do not pay back the money loaned to you.
RSS Feed
