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In addition to the death benefit, life insurance loans can help provide financial flexibility
When you can take a loan Loans are available at any time after the first policy year (and may be available earlier if there is sufficient cash surrender value). However, it can take many years to build up significant cash surrender value in a permanent life insurance policy. In the early years of the policy, there may be little value, if any, to borrow against. The cash surrender value of your policy is lower
You can get your funds quickly If you have sufficient cash surrender value, you have the right to borrow against your policy. You dont need to go through an approval process. It may take up to 3-5 business days to process your request once we have all necessary information. The quickest way to initiate a life insurance loan is using the mobile client app or online customer portalOpens in new Tab. Opens in new Tab Opens in new
Loan types and rates Depending on the type of permanent life insurance, you can choose between different loan types, each with different types of interest rates. Some loan types offer a fixed rate, other loan types charge a rate that varies based on an external economic index. Indexed Universal Life (IUL) insurance policies offer participating loan options
Should you pay off your life insurance loan? If you no longer need cash and can start repaying the loan, you may want to make loan repayments. Its always a good idea to at least pay the interest on the loan, due on the policy anniversary (not on the anniversary of the loan). If you dont pay the interest, the loan amount is increased to pay for
Can you take a loan against your life insurance policy? Yes - if you have permanent life insurance and sufficient cash surrender value that can be used as collateral. All types of life insurance provide death benefit protection, but only permanent life insurance offers the ability to build cash surrender value. A life insurance loan provides access to that cash surrender value you have the right to borrow
Why should you care about the plan type? If you have an annuity with National Life Group bought through an employer, key things to consider include: Tax implications related to contributions and withdrawals. Whether you can take a loan against your policy. (Note that if you take a loan, it will be considered a distribution if you dont repay the loan.) Heres an overview of common plan
If loans are allowed, should I take a loan instead of withdrawing money from my annuity when I need cash? Whether you should withdraw money or take a loan depends on your specific situation and needs. Here are some of the pros and cons of both options: Loans Withdrawals Pros
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I have taken a loan in the past how can I make a repayment? Loans can be repaid at any time using the mobile app, online customer portal, or by sending in a payment. Important: Payments intended for repaying a loan should be clearly marked as such. Otherwise, they will be considered premium payments. Next Steps Have more questions? Contact your employer or our Customer Experience