Licensed Life Agent, Life and Finance/ 50 States, New York
if you have a whole life policy, and not a term life policy, and You have built the required cash value then of course you may borrow from the cash value. Although I am not a partner with Globe in particular I can inform you of the in general as for all Whole Life Insurance policies are designed.
There are several types of policies which have the ability to build cash value for you to borrow from. Those policies are: Universal Life, Whole Life, Term UL, Return of Premium Term, Indexed Universal Life & Variable Universal Life.
Like Mark was saying, you do have to have the cash value available to borrow or withdraw. Remember, if you borrow the money as a loan, and if you lapse the policy, the loan may create a taxable event if the money you borrowed is greater than the premium paid.
Contact your broker/agent to review your policy or you may be able to call the company as well.
Good Luck.
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Like Mark was saying, you do have to have the cash value available to borrow or withdraw. Remember, if you borrow the money as a loan, and if you lapse the policy, the loan may create a taxable event if the money you borrowed is greater than the premium paid.
Contact your broker/agent to review your policy or you may be able to call the company as well.
Good Luck.