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Mike, as far as borrowing against your life insurance, it would depend on the type of policy. If it is whole life, you can usually borrow a certain portion of the premiums paid; if it is a term policy, I don't think you can borrow from that.Comment
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Thee is a market for Endownment Policies and the like, depends on how long you have held it etc etc.
Whats the current cash value?Comment
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Mike, what Theone means is how much has been paid into it so far? That would be the portion you could borrow against - not the $1M.Comment
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There's a percentage you can borrow against that amount, Mike. You'll probably need to contact an agent to find out what that would be.Comment
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by mike_2007:
iam sorry everyone,,i know this is the wrong question in the wrong place,,,but does anyone knows if someone can sell hes own life insurence?and how long does it take,, </div></BLOCKQUOTE>
Mike,
Depends on whether you have a whole life insurance, term life, or an endowment contract. If it is a whole life insurance, you can borrow against the equity in the contract, but with restrictions. This, of course, assumes you have fully vested in the contract. The other possibility is the endowment contract. But it has to be written in the policy. Need more info to help."Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston MassacreComment
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by mike_2007:
oh ok iam sorry,,,i think 15 or 20.000 so far </div></BLOCKQUOTE>
Its not the premiums, its the cash value.
How much do you pay per month and for how long have you held the policy.
Or just ask your Agent.Comment
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