I was wondering if anyone knows if you can borrow from a life insurance policy to put money down on a house or pay off bills?
If you have any cash value to your life insurance policy, and you are the policy owner, you can usually borrow up to 80% of the cash value.
However, you cannot borrow from the death benefit of the policy.
The cash value is usually a portion of what you've paid in to your policy in premiums over the years.
After four years, you probably don't have any cash value, but over time you may grow the cash value in your whole life insurance policy.
If you have any cash value to your life insurance policy, and you are the policy owner, you can usually borrow up to 80% of the cash value.
However, you cannot borrow from the death benefit of the policy.
The cash value is usually a portion of what you've paid in to your policy in premiums over the years.
After four years, you probably don't have any cash value, but over time you may grow the cash value in your whole life insurance policy.
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