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Has anyone ever borrowed against their life insurance?

I was just wondering how it works. I'm in a finacial pinch. I've been off work for a couple months due to medical issues and could really use the money.

 
Cindy18

Asked by Cindy18 at 3:45 PM on Jul. 14, 2010 in Money & Work

Level 28 (33,953 Credits)
This question is closed.
Answers (3)
  • You can borrow against the cash value of a WL or UL policy, IF it has cash value. If you don't pay it back, then it would be deducted from the death benefit that gets paid to the beneficiary. Or, worst case scenario, it would leave your policy being worth nothing, "imploding" on itself. There is interest charged on the loan.
    mama2three717

    Answer by mama2three717 at 11:03 PM on Jul. 14, 2010

  • Hi Cindy, it depends what kind of insurance you have and the company. I work as an agent for New York Life Insurance Company. If you want, message me privately and I'll what I can do to help you.
    Nathanaeli

    Answer by Nathanaeli at 5:02 PM on Jul. 14, 2010

  • Do u have to pay interest on that money.
    mamaofficer

    Answer by mamaofficer at 9:53 PM on Jul. 14, 2010

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