Is There Any Legitimate Companies That Would Secure A Personal Loan With A Life Insurance Policy?
Posted July 13, 2009 – 10:35 am in: structured settlements FAQI am wanting to take out a personal loan and want to secure it with my life insurance policy. I am in perfect health but have nothing else to use as collateral.
Tags: Companies, Legitimate, Life, Loan, Personal, Secure, That, There, With, Would
4 Comments
Probably not the death benefit but they might allow you to use the cash value in the policy as collateral.
In most instances you have the option to borrow your cash value straight from the life insurance company if you have any.
No , unless you consider cashing out the policy .
How would any other lender be able to use it if you defaulted ? Duh . . .
Oh , yeah , they could whack you I guess but you said ‘legit’ cos .
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The life insurance company you have the policy with should do it-good luck:)