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Do you need to borrow from your life insurance policy to meet financial obligations and expenses? If so, learn how to borrow from your life insurance policy to get the money you need today.
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Get Extra Cash From Your Assets
Learn how to get extra cash from your assets including you life insurance policy in this video by Kiplinger.com. The presenter suggests borrowing from a life insurance policy as a way to get cash, but not have to pay back the loan quickly. The balance can just be deducted from the death benefit.
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Introduction
Borrowing money from your life insurance policy is one option you have available when facing financial difficulties. Most whole life insurance policies have provisions for borrowing against the equity you have accumulated. You can typically choose to repay these loans, or have the value (plus interest) deducted from the final withdrawal amount after you pass away.http://dollarwiseblog.dallasnews.com/archives/2009/10/question-several-years-back-my.html Be sure to discuss you financial decisions with a trusted financial advisor before making a decision to borrow from your life insurance policy. -
Step 1: Talk to your Financial Advisor
Talk to your financial advisor about you situation to determine the best course of action. Look at all alternatives and discuss your long-term financial goals. Look at the consequences of borrowing money from your life insurance policy and compare it to your other financial options to make the right decision for your specific situation. -
Step 2: Review your Life Insurance Policy
Read your life insurance policy completely and make sure you understand all provisions for borrowing money.Find out the following:
- How much money you can borrow
- What interest rate will be applied
- Fees for borrowing
- Time frame for fund distribution
- Repayment Options
- Options for withdrawlhttp://www.latimes.com/business/investing/la-insure101-story8,5303026.story
Step 4: Submit your Request and Verify Amounts
Submit all requested information and wait for funds. Depending on your life insurance company, you may have the option to receive funds through a check or a direct deposit into your bank account. Once you receive the money, verify the amount to make sure the transaction occurred correctly.
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