Who Can Borrow Against Life Insurance?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    Only the owner of a permanent life insurance policy can borrow against life insurance. Term insurance does not have cash value, so only those who own Whole or Universal Life will have the cash value from which to borrow. If the owner and insured person are two different people, the insured person cannot borrow against the policy. That privilege belongs only to the policy owner.
    Answered on September 18, 2013
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