Owning a whole life insurance product offers a person many options throughout
their life. Read some of the articles we have written to decide if whole
life insurance is something that you should own.
Life Insurance policy loans are flexible to the extent they do not need to be paid back unless you decide to pay them back. A policy loan may cause a decrease in the death benefit and a decrease in the dividend, if any, on the loan portion of the policy. Payment of the loan will restore the value of the death benefit and cash values in the policy.
ABILITY TO PAY A POLICY LOAN BACK FROM ANTICIPATED EARNINGS
Once a policy loan has been taken, annual dividends may be used, if declared, to pay back the policy loan.
YOU CAN MAKE DIRECT LOANS TO YOURSELF FOR ANY REASONS
A loan from a life insurance policy requires less of an approval process than applying for a loan with other financial institutions. The borrowing interest rate in the policy is guaranteed.
