Can You Borrow Money From Globe Life Insurance?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    If your Globe Life Insurance policy is Whole Life, as many are, you should be able to borrow money from it. You will need to wait until you have paid in long enough to have money built up in the policy to borrow from. Calling Globe and asking for a current illustration should be able to show you how much there is for you to borrow.
    Answered on July 16, 2014
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  2. 5877 POINTS
    Stan Cox II
    Insurance Adviser - Broker, SC Insurance Services, Oahu, Hawaii
    As Peggy stated above, if your Globe policy is a whole life policy and has grown some cash value the you should be able to borrow against it. However I would advise you to first find out what the interest rate is and if Globe uses "direct recognition" regarding policy loans. Because Globe is a stock company therefore the policy holders do not enjoy the sharing of dividends as with a mutual company. So you may be better off taking a loan from a bank if you ca get a low interest loan. For more on how "Direct Recognition" affects a policy loan and why it is imperative that you know their policy before taking a loan, please see the article here: https://www.linkedin.com/pulse/direct-non-direct-recognition-stan-cox-ii?trk=prof-post
    Answered on October 15, 2015
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