How Long Before You Can Borrow Against Life Insurance?

  1. 4330 POINTS
    Jerry Vanderzanden, CLU, ChFC
    Co-Founder, Coastal Financial Partners Group, California
    As a practical matter, there has to be ample policy cash surrender value in the policy which takes a few years to develop. Check your annual statement for the value for loan purposes. Policies vary widely and there are many factors to consider. The best way to get a current value is to contact your agent or the insurance company directly.
    Answered on April 29, 2013
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  2. 0 POINTS
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    David RacichPRO
    Fountain Hills, Arizona
    Non modified endowment, permanent cash vale life insurance borrowing ability depends on the type of policy and design at the date of issue. Policies designed for cash accumulation using term riders and minimal death benefit can generate cash surrender values through policy loans fairly early on in the contract. There are polices that have little to no surrender charges that feature potential cash liquidity as high as 90%.
      
    Answered on May 24, 2013
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