Borrowing From Life Insurance at Life

Borrowing From Life Insurance. One big difference between policy loans. The tax implications of borrowing against your life insurance.

This is the major difference between buying a whole vs term life insurance policy. The maximum amount you can borrow is at least 90% of the cash value in most cases. Unfortunately, you can not borrow against any life insurance.

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A medical bill, home repair, or other major expense may leave you in need of funds. And traditional loans is that you don’t have to pay back the loan to your insurance policy. If you don't repay what you borrow, you could face shrinking benefits, increasing interest costs, and you could even lose the policy altogether. You also have leeway to construct a repayment schedule that works best for you.