Can I Borrow Money From My Whole Life Insurance Policy?

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    David RacichPRO
    Fountain Hills, Arizona
    Assuming you have accumulated cash values, the answer is yes. But there are strategies to access cash values. Dividends, which are classified as a return of unused premium, can be taken out free up to basis. Policy loans of gain is the another cash value option to consider. Most participating whole life insurance companies charge some form of interest spread on their policy loans. A few use the more expensive direct recognition policy loans. Before accessing your cash values, order an in force ledger to determine the status of your policy and an illustrated in force ledger displaying your dividend withdrawal or policy loan.
    Answered on May 12, 2013
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