How Do You Borrow Money From Your Whole Life Insurance?
712 POINTSview profileJohn ColeRecruiter/Manager, Cole Insurance Investments, Charlotte N.C.As an insurance broker I would not want any of my clients to borrow against their policy for this reason the policy over a period of three or more years if the loan is not paid off the policy will drop in value another reason I would feel like I hadn't done my job if the relationship with your agent is a good one you want need a loan you will be making loans yourself.Answered on July 30, 2014flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaPolicy loans are a feature of a whole life policy. They allow the policyholder to borrow against the stated “non-forfeiture” value of the policy at a nominal rate of interest without explaining to anyone the purpose for the loan. Businesses have been saved thanks to a loan from a whole life policy.Answered on October 14, 2014flag this answer
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