Can you get a loan on life insurance?
EssentialLife® Universal Life Insurance: Permanent form of Life
coverage that offers a great deal of flexibility to the policy
owner. Premium payments may be varied, death benefits may be
changed, partial surrenders are allowed, and cash value may be
accessed either through loans or direct withdrawals. Premium
payments are deposited into an accumulation account where mortality
charges and administrative charges are deducted monthly. Any
remaining amount to the accumulation account is credited with
interest. The policy's flexibility allows the policy owner to make,
within IRS limits, contributions in excess of regular premium
payments, which may substantially increase the policy's cash value;
cease making premium payments for a period of time; change the
death benefit options; and request partial surrenders. Money
deposited to the accumulation account is subject to a surrender
charge, if withdrawn, during the surrender charge period.