Borrowing Against Life Insurance – What You Need to Know

What you need to know about borrowing against life insurance is not all life insurance policies allow it. Only policies with cash value components are eligible for this kind of lending because the cash value can be used as collateral. You can borrow against whole life insurance policies and universal life insurance policies. However, do not mistake this for “free money”. Learn more about the risks of borrowing against life insurance in our guide below.

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UPDATED: Jun 6, 2022

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