I'm trying to pay off some debt
2007-10-07 07:12:45 · 3 answers · asked by halfman_hafamazn 1 in Business & Finance ➔ Personal Finance
Buy term insurance and invest the difference.
2007-10-07 11:29:12 · answer #1 · answered by silversliver5000 2 · 0⤊ 0⤋
When you have a whole life policy, some of it pays for insurance, some essentially goes into a savings account for you, and you can borrow against its cash value (the savings part). It would be quite awhile before you built up cash value to borrow against. So doesn't sound like your plan is workable.
2007-10-07 07:31:51 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
People who borrow from whole life are borrowing against the cash values that have built up over time.
if you just took out policy, there would be little/no cash value to borrow against.
2007-10-07 23:49:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋