2006-07-23 22:08:03 · 3 answers · asked by ednabeahampton 1 in Business & Finance ➔ Other - Business & Finance
No. You could cancel the policy or your heir could have first claim to the funds and refuse to repay the loan. You might be able to get a loan or advance from the insurance company, however.
2006-07-24 11:46:46 · answer #1 · answered by Plasmapuppy 7 · 0⤊ 0⤋
You should check with a credit union. They may accept the policy as collateral for the loan.
Why don't you call the insurnace company? Depending on what type of life insurance policy you have, you may be able to take a loan out.
2006-07-24 13:20:16 · answer #2 · answered by ps2754 5 · 0⤊ 0⤋
There are situations whilst a economic business enterprise could ask for a life coverage as area of a collateral kit from you, yet that's no longer a similar component as loaning money against a life coverage. you're able to fill out a "collateral task" type, which protects the economic business enterprise as beneficiary till they launch you from the criminal duty. while you're on your dying mattress or over the age of 70, you're able to in basic terms sell it on the secondary industry. determine you're conscious of the drawbacks to this attitude.
2016-12-10 13:18:05 · answer #3 · answered by ? 4 · 0⤊ 0⤋