Explore different types of loans and know the steps you can take to make wise borrowing decisions.
If you do not pay the premiums within the grace period and do not have an automatic premium loan provision, you can surrender you policy for its cash value.
With whole life, universal, or variable life insurance you can usually borrow money from the insurer.
Cash surrender value is the amount available when you cancel or “surrender” a whole life policy.
Life insurance covers your loved ones in the case of your death.
Be smart when entering into debt.
Every policy is different, but you will want to pay attention to how each handles these issues.