Can You Borrow From Your Life Insurance?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    You can borrow from your life insurance if there is cash value from which to borrow. If you have Term Life Insurance, there will not be any cash value, so that is not the type of life insurance that can be borrowed from. Permanent insurance such as Whole or Universal Life may have enough cash value to secure a loan You can ask your agent or the life insurance company for an illustration that will show how much cash value is available to you. and also show the interest you will need to pay so that the death benefit stays in effect while you pay the loan back.
    Answered on October 29, 2013
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