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...

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UPDATED: Jan 8, 2012

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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.    


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