Can you borrow from your life insurance policy?

Question

Can you borrow from your life insurance policy?

Answer 1

If your policy has any cash value, you can borrow up to the cash value amount.  Cash value builds over time, and it's a fraction of what you've paid in, in premiums.   It's NOT the death payout value.

Answer 2

Depends on if it builds cash value. If it is term life, no.

Answer 3

Yes, but it only depends on the type of policy you have and how long you've had it.  I've had mine for over 7 years and whatever I pay over the minimum goes into a high interest account that I can touch in 10 years.

I would talk to your agent to see what kind of options you have.

Answer 4

Only if its whole life and you have cash value built up.

Answer 5

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