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How to borrow from your life insurance  

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I have read on the site the 12 most popular ways to resolve credit issues. How do you get the insurance company to lend money off of your Life Insurance policy?
 

asked Aug 22, 2006 09:22 AM

jonathon.boone
Best Answer
2
best answer

The best way is to look at your policy statement. Try giving your insurance customer service department a call. Ask for the value of the policy, and state that you want to borrow from it. It's a good idea that you don't borrow the entire amount. Fifty-percent seems to be what people borrow. It's actually pretty simple.

What would be the reason you need to borrow from your life insurance policy? You can actually get strikes against your from the IRS, and have to pay taxes on whatever your borrow. Those repercussions can be pretty bad depending on the amount.

Regards
Mike

answered Aug 22, 2006 09:40 AM

1 Answers

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Please try to avoid borrowing from your life insurance policy!!!!!! Mikey is right, it's UGLY.

It's almost as bad as borrowing from 401k

answered Aug 22, 2006 01:01 PM

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