Content Overview
- Summary
- The Seven Steps To Take Before Asking For A Friendly Loan Against A Life Insurance Policy
- Tips About Who To Approach To Lend Money Against A Life Insurance Policy
- Once Someone Agrees To Make A Loan Based On Your Life Insurance Policy, How To Put The Transaction On A Business-Like Basis
- What To Include In A Loan Agreement Using A Life Insurance Policy As Collateral
Friendly Loans Against Your Life Insurance Policy
Tips About Who To Approach To Lend Money Against A Life Insurance Policy
Next » « Previous3/5
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.
Get Your Personal Guide
Please share how this information is useful to you. 0 Comments
Post a Comment Have something to add to this topic? Contact Us.