Should a whole
life insurance policy holder remove funds from the policy's cash value, repayment of this money is optional.
Not exact matches
In addition, if the loan or debt has been resolved before the
policy reaches maturity where it can be cashed out or if the
policy holder should pass away, then the assignee can be
removed and the
life insurance reverts to its normal state.
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.