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Do I need to pay for teen second life?

Can I get a loan from my life insurance? Im 23 and have had my life insurance for a year now. I need to pay a couple credit cards off and someone told me I can barrow money from my life insurance, is that true?

  • Answer:

    Depends on whether you have whole life or term life insurance. Also, with most policies you have to pay more than a year. Check your policy or check with your insurance agent regarding their regulations on that.

MCam23 at Answerbag.com Visit the source

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Like the other person said, first you have to see if you have term or whole life. Then if you only had the policy a year, you will not have any cash from which to take the loan if it is whole life. Third is you still have to make payments every month to pay back the loan.

notquitered

It's not really a loan, since it's yours (assuming this is whole life.) You will be taking away from any benefits your beneficiaries will have. You can pay it back at any time. And if you don't, no one will come after you.

LoyalTubist-Stuck on Guam

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