How To Borrow From Your Life Insurance Policy
Borrowing from your life insurance policy is an easy and relatively non-invasive way to access cash when you find yourself in need of it.
Taking a loan from your life insurance does not affect any of the death benefit that your family may receive upon your passing; however, if you are unable to make payments on the loan, it can significantly reduce the amount of money left for them.
It's important to do research on different options available and choose one that best meets your financial needs as decisions now could affect rules that govern how much will be available should you pass away.
Before deciding to borrow against your policy, make sure you understand all fees and interest rates associated with the loan, paying close attention to any penalties should you fail to pay back the money according to plan.
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