Can I take out a loan on my life insurance policy?

If you take out a loan against a whole life policy they will not report it to the credi agencies. Check with State Farm to see if your policy allows you to take out a loan (it should). They will be able to tell you how much cash value you have to borrow.

Thank you! You were right. I finally found the policy and Statefarm said the same thing that the credit people wouldn't see it and they I can get the loan.

I have a life insurance policy i'd like to take a loan out on but where do i go to get the loan? my policy is with my husband military?

How much money can I borrow against my term life insurance policy per 1000.00 value of my policy?

Geneen

PVFEYW

You can only borrow against policies with cash values. You cannot borrow against term insurance. (another reason to go whole life)

my mom took out an insurance policy on me when i was a kid im now 22 im going to college and i need money can i get the money from that since i am an adult to use for school

i have an employee life insurance policy through my company that is was just a benefit for being an employee. I have never contributed money to it. it is through Met Life, it is call called Core Life Insurance / Employee Life Insurance. Do you think I would be able to take a loan out from it?

In my entrepreneurship class in college my professor told us that you can take out a loan against your life insurance policy. It is a loan that you essentially don't have to pay back you only have to pay the interest on the loan. So if you say buy a house you can take out the loan and if you pass on your stated beneficiary will still collect on your life insurance policy just less the amount of the loan. So for example on a 500,000 policy if you borrowed 100,000 and you passed on, your beneficiary would collect 400,000. I believe it has to be full life though, and not term. Be careful with work policies as many of them do not pay out!

I have an american general life ins policy (whole life UL) my cash value is like 550.00 since ive only had it for 4 years. Can I take out a loan greater than that? or just up to the amount of cash value?

Kerrilyst,

Cash Value is basically how much money they'll allow you to borrow against your death benefit. So to awnser your question you can only take out the 550 minus the interest, which is usually 6-8%.

Also American General is not exactly the company you want your whole life policy to be with. Since essentially whole life is all about the returns (Is the death benefit growing? how much is the cash value growing?) You should look to switch your policy to either New York Life, Mass Mutual, or Northwestern Mutual. The best company being Northwestern Mutual because their cash value grows more than anyone elses. You can do a 1035 exchange where they will put the $550 into the new policy free of any penalty.

i want know if im avaliable for a loan?

i want know if im avaliable for a loan?