If your life insurance policy has a cash value it is as simple as contacting the company and instructing them that you would like a loan. In Canada a the amount you can borrow can vary depending on policy type it can be up to 90% of the cash value,
Since there may be tax consequences depending on how much you borrow and if the policy is in a gain position, be sure to ask about it. If you are taxes when you pay it back you receive an adjustment. An alternative would be to use the policy as collateral at a bank. Check to be sure you understand the options and are making an informed decision.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.
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Since there may be tax consequences depending on how much you borrow and if the policy is in a gain position, be sure to ask about it. If you are taxes when you pay it back you receive an adjustment. An alternative would be to use the policy as collateral at a bank. Check to be sure you understand the options and are making an informed decision.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
If you would like to work with a local life insurance broker, you could start with a Google search. For example, if you search for: life insurance broker Halifax or life insurance agent Halifax, my name, along with several others, will come up. You can use the same method to find a life insurance broker in your community.