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How to borrow from your life insurance

Date: Tue, 08/22/2006 - 09:22

Submitted by jonathon.boone
on Tue, 08/22/2006 - 09:22

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Total Replies: 2


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?


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


lrhall41

Submitted by Teleport on Tue, 08/22/2006 - 09:40

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