There are several reasons why you would need to borrow from your life insurance. Although your life insurance is not your conventional bank, some
life insurance policy actually allows you to borrow from it. If you want to do
this, you'd need to take these steps:
How much do you want to
borrow?
This shouldn't be a vague amount of money. You should sit down and make
a good calculation of the exact amount. When you're done with this step,
proceed to...
Call Your Insurance Company
You'd need to be certain for sure if they offer such services or if
your insurance policy allows for borrowing. Anyways, your insurance company
will be the best person to talk over this with.
What's the most tax
efficient way to get the funds?
Since you're looking to borrow some money from your policy, paying tax
is only going to short you of the available money to be borrowed. As you
discuss with your insurer, remember to bring this question up. The insurer will
advise accordingly on the best possible way to achieve this.
Continue Paying Your
Premiums
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