A standard feature of many life insurance policies is the owner’s ability to borrow against the cash value of the policy. This does not include term insurance because it has no cash value. The borrowed money can be used for business and personal needs. It takes about two years for a policy to accumulate sufficient cash value for borrowing. Once you borrow from your policy, you will be charged interest, and the interest charged on policy loans is reasonable compared with other sources of lending. The life insurance stays in place as long as you continue to pay the insurance premiums.
To learn more, contact a Nevada Corporate Headquarters representative at 1-800-508-1729.