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 Posted: Tue May 15, 2007 1:18 pm Subject: Borrow money from life insurance |
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how would one barrow money from there life insurance plan
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collier6715
Joined: 15 May 2007
Posts: 5
Debtcc Points: 616
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| Posted: Tue May 15, 2007 2:17 pm Subject: |
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You can take a policy loan of the cash value built up in your insurance policy. But the policy must be three years old before this loan is an option. The compound interest will be calculated according to the terms set by your insurance company.
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Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
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| Posted: Tue May 15, 2007 2:19 pm Subject: |
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Don't break the policy if it is for paying your credit card debts. This is not going to be the right move thinking about your future.
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Steg
Joined: 22 May 2006
Posts: 392
Debtcc Points: 5545
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| Posted: Tue May 15, 2007 4:08 pm Subject: |
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If you can help it, don't borrow off your life insurance. We did that before and we had every intention of paying it back and never did and then one thing led to another and I lost the policy after having it for years. If you can come up with what you need any other way, do it. Not worth paying years and years into only to have it gone.
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2nband
Moderator
Joined: 30 Jan 2007
Posts: 2135
Debtcc Points: 36296
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| Posted: Tue May 15, 2007 4:30 pm Subject: |
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Also, don't touch the retirement plan like the 401(K). It's a big investment security in your old age. I will surely look for some other options for paying the unsecured debts.
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Johnson4485
Joined: 22 May 2006
Posts: 399
Debtcc Points: 3960
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