If I developed a financial hardship can I borrow $10,000 from my life insurance policy?

  • by Manuel
  • Aug 11,2017
  • 9 answers

If I developed a financial hardship can I borrow $10,000 from my life insurance policy?


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Insurance Answers (9)

CvmnHT 2 months ago

Why sure

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Observer 2 months ago

It totally depends on what the policy you have was written.

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H. Marie 2 months ago

not if you don't have $10K in cash value

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StephenWeinstein 2 months ago

If it is term life, no.
If it is whole life, maybe.

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Hakeem 2 months ago

It depends on the policy you have set up and how much money you already have in the policy. It's best to ask to make sure but if not there are ways to set it up for such an occurrence. Ask your provider about what you have and if they have anything better to help in that situation or even look around. There are policies that can help. You just have to have the right one.

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Insurance Pickle.com 2 months ago

Assuming you have ~$11,000 or so of cash value in the policy. It's typically 85-95% of the cash value that you can borrow. Call the company to see how much of a loan you could take. If there's no cash value, then no loan.
Also, it doesn't matter if you have a financial hardship. You could just want it to get cocaine and escorts*...and squander the rest. It's your money. Do as you please. Just keep in mind that the death benefit is reduced by the amount of the loan.
*I'm not recommending you do these things, but the point is it's cash. You get it by filling out a form to get it.

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Eva 2 months ago

If your policy is a cash value policy you don't need a hardship to borrow from it. If it's a term policy, it has no cash value, but sometimes they will advance the payment if someone is terminally (expected to die within 6 months) ill.

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Stan 2 months ago

If the funds are available

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g 2 months ago

Only your insurance provider could answer such a question, Manuel.

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