I am looking for a life insurance policy that I can borrow against

Free Insurance Quote Comparison

 Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Jan 8, 2012

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Insurance Question from Belleville, IL

Asked on 01/08/2012

I am looking for a life insurance policy that I can borrow against how do I find a life insruance I can borrow against

Answer given on January 10, 2012

Whole life insurance is the main type of insurance policy that will allow the owner to borrow against the cash value. Make sure that whole life is the type of policy that is right for you however. There are a few points that you didn’t reveal.  Is the policy for you or a younger child? What is your age and do you have other life insurance? What is your ultimate long term goal–death benefit or cash value?  These questions and possible others factor into whether whole life is the right kind of policy for you.  If investment is your main goal, it might be better to buy term life insurance and invest the amount you save in premium for any future loans or cash.  Read our article on What is Whole Life Insurance?.  Read especially the link “compares whole life and term life policies” found at the bottom of the article.  Then talk to an agent about which option is best for you.  To find a quote on whole life insurance or a great term insurance policy, click here.    

IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

 Secured with SHA-256 Encryption