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ncdavidson

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Companies that do loans against life insurance policies

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You can't borrow against your life insurance policy if you don't have equity in it.  Whole Life policies and Universal life policies build up equity (savings) as the years go by. To borrow your own money you need to contact your insurance agent.  If you don't pay it back you lose the life insurance policy and in order to be reinstated you may have to go through another life insurance exam.

If your stating you want to take out a loan and use yourself as collateral, you would have to apply for life insurance and make the creditor your beneficiary.  

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You have to contact the insurance company, often through an agent.  Bad to borrow against insurance because few repay the lo[an (my ex didn't) and you end uplo[sing in the long run.

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