In order to borrow money from your life insurance their must be some cash value inside the policy to borrow from.

Term life insurance has no cash value inside the policy, it is "Pure Protection".

However, permanent life insurance may have cash value that grows inside the policy over time. Usually, it takes a few years for some cash value to build up in a permanent life insurance policy.

Your life insurance carrier may allow you to borrow up to 80% of the cash value in your policy. This is consid...
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There are several good reasons to borrow money from your life insurance policy.

When you buy a Whole Life Insurance Policy, you build up cash value inside the policy over time.

You can borrow against this cash value in your policy for any number of reasons, including for a down payment on a new home, for a child's college education, or even for a car.

The interest you pay on your loan is very low, and you may be able to borrow up to 80% of the cash value in your life insurance...

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