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Benefits of taking a loan against your insurance policy A life insurance loan provides access to the cash surrender value you have built up, income tax-free1. In addition, benefits of a life insurance loan include: Guaranteed approval if you have enough cash surrender value. You can use the borrowed money for any purpose, for example to buy a new car, remodel your home, or fund
Next steps Find out what is best for you and your unique situation: Work with your agent or a financial/tax professional. Learn about the process of taking a life insurance loan. Get answers to further questions about taking a life insurance loan (if you have a National Life Group life insurance policy), by contacting our Customer Experience Center. Initiate a loan using the
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
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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