Understanding the Process of Borrowing Loan Against Insurance Policy

Manyasharma0128 Jul, 2023Finance

An insurance policy is a valuable asset that can provide financial security for your loved ones in case of your untimely demise. However, did you know that your insurance policy can also be used as collateral for a loan? A loan against your insurance policy is a secured loan that allows you to borrow money using your policy?s cash value as collateral. If you are considering a loan against insurance policy, ensure that you understand the impact of the loan on your policy?s death benefit and consider if other financing options may better suit your needs.