1. Peggy MacePRO
    COO and Senior Agent, Outlook Life, All 50 States
    You can borrow against any life insurance policy that has a cash value built up in it. This can be Whole Life, Universal Life, or Indexed Universal Life (IUL). Some people use IUL by putting a large amount of money into the policy while they are younger, then borrowing from their policy when they are older for an income stream during retirement.
    Answered on May 24, 2013
  2. Owner, Best Online Insurance Rates, US
    You can borrow against a whole life policy, which typically has a guaranteed cash value. This amount starts slowly (on most policies) and gradually increases each year. Additional dividends may be paid on a participating policy and they can also be borrowed or withdrawn.

    There will be specified interest rate charged to your loan amount. Because of the complexity of withdrawing cash from a contract, it is always best to consult an experienced broker or a CPA to ensure you are making a wise decision.
    Answered on May 24, 2013

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