Policy Loans: When & How Much Can You Borrow? | IBC Global, Inc
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- Опубликовано: 11 окт 2024
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Hello
What if we are not adding anything ourselves in to the policy. Lets say we start the policy, put zero in but start making policy payments. How quick can we take out a loan? Ex. Lets say I start a policy for 75000.00. I put nothing in and just make my first monthly premium payment. Would i be able to borrow 10k against my policy?
Good question. No. If your first monthly payment was only the minimum premium, you would not have any cash value. To borrow $10,000, $10,000 would need to be in cash value.
Mine determines that my Surrender (net) CV amount must have a minimum of $500 for policy loans…
Thanks for the insight Antonio! Do you know what company your policy is with? And the type of policy (Whole Life or IUL)?
@@IBCGlobalInc
IUL with American National.
@@antonioreyes2692 Got it. IUL's may have different loan limitations.
I’m sorry I’m learning so please forgive my ignorance. What is IUL?
@@markmaneha1900, Indexed Universal Life…
2:25 usuallu anytime 6:00