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Friendly Loans Against Your Life Insurance Policy

Tips About Who To Approach To Lend Money Against A Life Insurance Policy

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Consider every person or company you know.

The logical person to ask is the beneficiary of the policy. He or she has the most to lose if you stop paying the premiums and let the policy lapse.

Don't forget your friends, relatives and even your current or former employer. Friends or relatives may feel uncomfortable about purchasing a policy from someone they care about. They may be willing to make a friendly loan using the policy as collateral because the rate of return (interest) is pre-determined and can be pegged to a number that is reasonable to both of you.

It is preferable not to ask someone to borrow money on your behalf on their credit card.

  • Interest can pile up quickly on a credit card.
  • You may end up hurting the credit rating of someone you care about and who cares about you.

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