Can You Borrow Against Globe Life Insurance?

1. 

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   Daniel J. Wendol

   CEO, Dolphin Financial Group, Florida

   Borrowing against a life insurance policy requires cash value inside that policy.  Term life insurance doesn't have cash value, but whole life insurance policies may.  So, you would need to have a whole life policy with Global Life Insurance in order to be able to borrow against it.  Call up your company and ask if you have any cash value inside your policy and what the borrowing options and costs are.

   Answered on May 9, 2013

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2. 

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   Stan Cox II

   Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii

   In a word - No. Globe life insurance is Term insurance, which has no cash value. Since it has no cash value there is nothing to borrow against. Only with 'Permanent' types of insurance such as Whole Life and the various Universal Life policies is there value associated against which one may borrow. And I always caution people about "Universal" life policies, because they can and often do run out of cash value and even expire before the owner is aware of what happened. Whole Life is the only truly permanent life insurance and the premiums never increase. And you know in advance what the guaranteed cash value will be at any future date. And the cash value may be much more than the guaranteed value.

   Answered on October 30, 2015

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