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If the policy has additional cash value, an additional loan is usally permitted, up to a certain % of the total cash value.

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โˆ™ 2007-11-26 19:38:08
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Q: Can you borrow on a life insurance policy if you already have a loan on that same policy?
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Related questions

What does it cost to borrow from a variable universal life insurance policy?

the interest rate is stipulated in writing in the life insurance policy


Can you borrow against the paid up dividend additions on a life insurance policy?

yes, as long as the policy is still in force you can borrow agains it


Is it possible to borrow money from your us army life insurance policy?

No because it is not a cash value policy.


Can burrow from your life insurance?

If your life insurance policy has cash value, you can borrow from the cash value inside. If you have a term policy with an accelerated death benefit rider then you may be able to borrow against the death benefit if you have a terminal illness.


What is a paid up insurance policy?

A paid up insurance policy is a life insurance policy under which all life insurance premiums have already been paid, with no further premium payments due on the policy.


Can i borrow from a term life policy?

No. Term Life insurance does not have any cash value and expires at the end of the term, usually age 70.You can borrow against a permanent or whole life insurance policy however, but whatever amount is borrowed may reduce its cash value.


What limits the amount that a policy owner can borrow from the insurance poicy?

the limit of a loan against the policy is the amount of net cash value you have on the life insurance policy. Up to 75% of the paid up value of the life insurance policy, irrespective of the sum insured amount.


How do you borrow money against your Life Insurance?

if its a cash value policy contact the companies customer service line.


What is the difference between whole and life term insurance?

The difference between whole and life term insurance is that a term policy is life insurance only whereas the whole insurance combines a term policy and a investment component so one can build cash value and borrow against it.


How long after purchase of life insurance policy can you borrow from face value?

Take a look at your policy paying attention to the illustration in the guaranteed column. This will show you how much money you will have to borrow against in a given year. When there is enough you can borrow against it. But be careful!


Can you borrow from a accidental death and dismemberment insurance?

No, you cannot borrow from an accidental death and dismemberment (AD&D) life insurance policy. There is no cash value and the policy only pays a benefit upon death if certain requirements are met regarding the accident or dismemberment.


It is not important to have a life insurance policy.?

It is not important to have a life insurance policy.


What is the executor on a life insurance policy?

The Policy Holder of a life insurance policy is the executor of the said policy.


How do I get on a limited pay life insurance plan?

Limited pay life insurance is really just a form of whole life. The difference is that the policy holder pays premiums only for a preset period of time, after which they enjoy the benefits of the policy for life. Policy holders can also borrow against this type of policy if needed, and it pays dividends.


Can you borrow money form your term life insurance?

No. Term life insurance has no "surrender value", so is no good as collateral. The insurance that you might be able to borrow against is "whole life".


Why do you have to let the insurance company know if you already have have a insurance policy with a different company?

The reason why life insurance companies ask about other life insurance coverage is to determine if you have a need for additional life insurance. The insurance companies do not want you to be overinsured.


What are the differences between term or whole life insurance?

Term Life insurance is a type of policy used for a set amount and a predetermined number of years that is paid out during one's lifetime. Whole life insurance is term combined with a type of investment policy that allows you to borrow against it during the span of the policy because it is constantly increasing in value.


What is another word for whole life insurance?

You can call a whole life insurance policy as a "Non-Endowment Life Insurance Policy".


Life Insurance Policy?

form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_


Did your parents have life insurance?

My sister said my mom had life insuranc through met life and her and my dad spent that already and now my dad is deceased and wonder if there is life insurance policy on him.


Can you borrow money from group life insurance?

No. Group life does not belong to you.


What is portable life insurance?

A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.


What policies are offered by General American Life Insurance?

There are many policies offered by General American Life Insurance. These include the Variable Life Insurance policy, the Condo Insurance policy and the Boat Insurance policy.


How do you locate a life insurance policy?

how do you lacate a life insurance policy that was with southern life and health insurance company 30 years ago


Can the executor get the amount of the life insurance policy?

NO.. unless the policy does not have nomination. Only nominee will get the proceeds of life insurance policy.