Donated whole life policy
Question Details: I donated a fully paid whole life policy to my church in '85...I vaguely recall my agent saying I could always borrow against it no matter what-I think they own it. Can i borrow against it?
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Do you mean the beneficiary is the church? If so, you need to check your policy to see if there are exclusions/prohibitions on you borrowing against it the beneficiary is a nonprofit.
Also, check the California Dept of Insurance. See the following:
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