I have a whole life policy that I setup years ago and now I need some money to help my daughter finish her college degree. How can I take out a loan on that insurance policy and will they report it to the credit agencies?
I guess the first question is CAN I take out a loan on the policy. I believe the policy is with State Farm.
submitted by DEBRA in LEXINGTON KY
If you take out a loan against a whole life policy they will not report it to the credi agencies. Check with State Farm to see if your policy allows you to take out a loan (it should). They will be able to tell you how much cash value you have to borrow.
submitted by Byron Udell in Chicago, IL
@ June 23, 2008 - 11:21 AM
Thank you! You were right. I finally found the policy and Statefarm said the same thing that the credit people wouldn't see it and they I can get the loan.
submitted by DEBRA in LEXINGTON KY
@ June 23, 2008 - 05:39 PM
my mom took out an insurance policy on me when i was a kid im now 22 im going to college and i need money can i get the money from that since i am an adult to use for school
submitted by tldap in united states
@ September 14, 2009 - 10:36 AM
i have an employee life insurance policy through my company that is was just a benefit for being an employee. I have never contributed money to it. it is through Met Life, it is call called Core Life Insurance / Employee Life Insurance. Do you think I would be able to take a loan out from it?
submitted by tdmbos in united states
@ August 25, 2010 - 11:54 AM
