If you have a life insurance policy that has cash value, such as Whole Life or Universal Life, you can borrow money from your policy. If you have a life insurance policy with living benefits, you can use some of the death benefit to pay for chronic illness, critical illness, or terminal illness while still alive.
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Money can be taken out of life insurance policies. Guaranteed cash value, from whole life contracts, can be borrowed at a specified interest rate.
Dividends from a participating whole life insurance policy can be withdrawn and sometimes borrowed. If the dividends were purchasing additional insurance, the death benefit could reduce.
The previous answer to this question was 100% accurate. Peggy is an expert in the field of life insurance.
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Dividends from a participating whole life insurance policy can be withdrawn and sometimes borrowed. If the dividends were purchasing additional insurance, the death benefit could reduce.
The previous answer to this question was 100% accurate. Peggy is an expert in the field of life insurance.