How Does Borrowing From Your Life Insurance Work?

  1. 63333 POINTS
    Peggy Mace
    Most of the U.S.
    If there has been enough cash value accumulation in your life insurance policy to borrow from (after surrender charges and fees), you start by requesting a loan. The money is provided to you by check, or by money deposited to the account from which you pay the premiums. You need to set up a payment plan to pay back the loan with interest in order for your policy to stay intact with the original guarantees.
    Answered on July 20, 2013
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