If you have a life insurance policy with a cash value, you can borrow personal loan between family and use the policy as your collateral. This only works for permanent life insurance policies (whole life or universal), which double as investments. You cant borrow against a term life insurance policy, which is the most common kind.
Borrowing against your life insurance has several advantages over borrowing from a bank. These include: No Need to Apply.
As long as your account has cash value, you can borrow against it no questions asked. Theres no need to apply for the loan or have your credit checked. Low Interest. According to Bankrate, the interest on a life insurance loan is usually between 5 and 9.
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