Sentences with phrase «balance in a permanent life insurance policy»
That means a surviving spouse could be saddled with significant debt obligations, and the cash balance in a permanent life insurance policy could help.
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Funds that are in a permanent life insurance policy's cash value can be either borrowed or removed by the policy holder for any purpose, such as supplementing retirement income, paying off debt (typically higher interest debt such as credit card balances), purchasing a new vehicle, paying for a child or grandchild's college education, or for going on a long - awaited vacation.
Some permanent life insurance policies allow for loans against the insurance policy - in the case of any outstanding loans, the death benefit is paid to beneficiaries less any outstanding loan balance.