Life Insurance Lead Birmingham Alabama AL
Reader’s Question:
My wife and I think we have a simple question. I am the policy holder and my wife is the beneficiary of a whole life insurance policy. What loan options do we have for our life insurance in Birmingham Alabama AL?
Aaron
Birmingham, AL
Congratulations on your ownership of a whole life insurance policy. In turbulent times, whole life insurance can really help. Over the years and with each premium payment you have made, your whole life insurance policy has accrued cash value. At any time, you may borrow against that accrued cash value. You should contact your life insurance agent in Birmingham Alabama AL to make these arrangements and to confirm the amount of cash available.
Loans against your cash value will not cancel your life insurance coverage. Your wife will still be guaranteed the death benefit. Usually, policy loan interest will be due upon the anniversary date of the whole life insurance policy in Birmingham Alabama AL. A cash value loan may be repaid in part or whole at any time. Interest will be paid first and loan principal is applied secondarily.
If you were to die prior to repayment of the cash value loan against your life insurance policy, the death benefit accorded to your beneficiary will be reduced by the amount of the outstanding loan. Again, more detailed information will be available through your life insurance agent in Birmingham Alabama AL.
It is always good to shop around for quotes for your life insurance by getting help from websites like this one. You can get free quotes online without any obligations at all by simply filling out a relevant form like the one that you see in this page.
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