Have You Ever Taken Loan Against Your Insurance Policy

[Nomad]

If you have term life insurance, you can get loans against your policy. The premium you paid for your policy will be used as collateral. Generally speaking, the interest rate for this kind of loans is lower than the bank loans. I have not taken loans against my insurance policy but I have kept this option open if I need money on an emergency basis. The loan will be approve din one working day.

 

[Fidelia]

I never knew that insurance companies give loans too. That's enough boost for people to buy a term life insurance plan But does such loans take credit score into consideration?

 

[Springtime]

I didn't know that you can take out loan from an insurance policy. Sounds like a better option borrowing from banks since they offer lower interest rate.

 

[Starmix]

I have not experienced it loaning an insurance. That's also a good option for the policy holders should there be an emergency need.
of money.

 

[King Belieal]

This is one of the benefits of having an insurance policy. It gives you some financial edge when you need it. I know people that have taken loans against their business insurance policies.