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Are you working with an agent?
What state are you in?
I'm not soliciting, but it might be helpful to point you in the direction of an agent that can help you from "soup to nuts", if you know what I mean.
Also, I hesitated mentioning this, because I thought you were wanting to take a loan out of an EXISTING policy... but the way that life insurance loans work... is that as long as you pay the annual interest back to the policy, it restores the interest and dividends it would've earned had you not taken a loan out. In essence, your POLICY keeps the interest. This is assuming that the loan taken out is "non-direct recognition" meaning that the insurance company doesn't subtract the loan balance from the cash value balance to determine how much dividend or interest to credit to the policy.
How does that work? The interest is charged up front (in arrears) and then you pay it back to the policy every year to restore the amount.
This attachment from the Tools and Techniques of Life Insurance Planning on how life insurance loans works may be helpful.
What state are you in?
I'm not soliciting, but it might be helpful to point you in the direction of an agent that can help you from "soup to nuts", if you know what I mean.
Also, I hesitated mentioning this, because I thought you were wanting to take a loan out of an EXISTING policy... but the way that life insurance loans work... is that as long as you pay the annual interest back to the policy, it restores the interest and dividends it would've earned had you not taken a loan out. In essence, your POLICY keeps the interest. This is assuming that the loan taken out is "non-direct recognition" meaning that the insurance company doesn't subtract the loan balance from the cash value balance to determine how much dividend or interest to credit to the policy.
How does that work? The interest is charged up front (in arrears) and then you pay it back to the policy every year to restore the amount.
This attachment from the Tools and Techniques of Life Insurance Planning on how life insurance loans works may be helpful.