Insurance Loans: Good of Bad

[Nomad]

Just like you can take a loan against your fixed assets like house or liquid assets like stocks and gold, you can also take a loan against your life insurance policy. The loan amount typically depends on how much you have contributed in premiums. Generally, you might get up to 80 percent of the total premiums paid. For example, if you’ve paid $1,000 over the years, you may be eligible to borrow $800. Some insurers offer same-day loan approvals, though most require a few business days.

Have you ever taken insurance loans? Do you think it is good or bad?