The better you steward your finances, the better you walk your walk.
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When you take a policy loan, most companies will immediately charge you the cost of interest for the rest of your policy year. In other words, if you are 3 months into a new policy year and take a loan, you will be charged up front for nine months of interest. If you decided to [...]
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Yesterday, we discussed the advantages of using a policy loan over a withdrawal to access your cash value within your whole life policy. Today, let’s look at the disadvantages to using a Policy Loan to access Whole Life Cash value, which are:
There is a short term cost for the loan. In normal circumstances, for most [...]
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The advantages to borrowing from your life insurance company to access cash (in other words, to take a Policy Loan) are:
Your present and future compounded cash value is not affected by the loan.
Your death benefit and growth of future death benefit are not affected by the loan.
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