Can I Borrow Against My Whole Life Insurance Policy?

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   David RacichPRO

   Fountain Hills, Arizona

   If you have accumulated cash values you may be able to borrow (maybe withdraw) from your whole life policy. Assuming that your whole life policy is participating i.e. pays annual dividends, you can access them free up to basis. If you still need more money, you can borrow the policy gains via policy loans. Keep in mind that most participating whole life policies use spread loans and a few use direct recognition loans.
    

   Answered on June 21, 2013

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