Can I Get A Loan On My Life Insurance?

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    David RacichPRO
    Fountain Hills, Arizona
    You can borrow from cash value life insurance within the limits of their policy provisions. There are policy loan charges that can range from zero net cost loans to direct recognition loans, i.e. up to 350, sometimes 400 basis points. Other policy loan provisions include wash loans, spread loans and participation loans depending on what type of permanent cash value life insurance you own. There may be tax consequences if you surrender or lapse the policy with gain in the contract.
     
    Answered on July 1, 2013
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