Yes, you borrow against a Knights of Columbus Whole Life Insurance policy, if there is enough cash value (minus surrender charge, if any) to borrow from. Contact the Knight from whom you purchased the policy to find out the loan charge and whether you are able to use your policy's cash value as a source of funds for your current needs. Or call the KC insurance customer service number 800-380-9995.
Principal Agent, Patriarch Associates,LLC, Opelika, Alabama
Hello, and thanks for the chance to answer your question!
The short answer - it depends on what type of insurance (term or permanent) you have.
If you have term insurance, the answer is no. Term insurance has no cash values built into the policies, so you have nothing to borrow against. If you have term products with return of premium features available, the additional premium is not negotiable cash value, just additional cost of insurance.
If the policy is a permanent one (whole life, universal life, and any variation of them), then you can borrow the money. They have a cash value component that you may use in a number of ways. You may borrow against it, use it to purchase reduced paid-up coverage (less face value, but no more premiums to pay), or elect to use the cash value to purchase term coverage at the present age.
I hope this answers your inquiry in an acceptable way; thanks for the opportunity to respond!
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The short answer - it depends on what type of insurance (term or permanent) you have.
If you have term insurance, the answer is no. Term insurance has no cash values built into the policies, so you have nothing to borrow against. If you have term products with return of premium features available, the additional premium is not negotiable cash value, just additional cost of insurance.
If the policy is a permanent one (whole life, universal life, and any variation of them), then you can borrow the money. They have a cash value component that you may use in a number of ways. You may borrow against it, use it to purchase reduced paid-up coverage (less face value, but no more premiums to pay), or elect to use the cash value to purchase term coverage at the present age.
I hope this answers your inquiry in an acceptable way; thanks for the opportunity to respond!