Borrowing from cash balance
by Roy
Does non-repayment of cash borrowing from life insurance affect the policy? Life insurance LoansHi Roy, Yes, borrowing cash from your life policy is like borrowing against the equity in your home. Interest accrues each year and if the loan balance gets too high you lose your policy. You should keep an eye on this and get advice from your insurer. Hope that helps. Get a quote at: Ask another question at Life Insurance Questions Other pages of interest:Term Life Insurance in Canada Whole Life Insurance Canada Term or Whole Life Insurance Canada Life Insurance Disability Insurance Canada Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility. Make sure you review the "please read" page. www.canada-insurance-source.com |