I've been reading articles about this topic and somehow it makes sense to me.
You can get a loan at the Value you have after some years of paying a premium.
When you get the loan, it doesn't require you to pay the loan at a certain time, you can even not pay it at all, but the payment you pay will add up to the dividend or interest for the whole life insurance policy holders if i'm not mistaken. So it's a win-win.
2 scenarios after you got your loan:
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Continue paying the life insurance without repaying the loan you owe and at the time of your death, your family will still receive the insurance money while deducting the loan and some penalties.
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After getting the loan, you can also decide to close your life insurance.
Am I correct as the way I understand it? Please enlighten me or correct my mistakes.
Submitted July 10, 2018 at 11:52PM by NameThatThing https://ift.tt/2NEkEUl
