Need Cash? Tap Your Life Insurance Policy

often has variable rates, so cash value growth will depend on investment performance.

Withdrawing cash for a life insurance policy also will reduce the death benefit. That means your beneficiaries will get less when you die—which is something to consider before withdrawing cash from a policy.Cons: A withdrawal reduces your policy cash value and death benefit. It may be taxable if the withdrawal exceeds the amount of premiums paid.

Like any loan, though, there’s a charge to borrow. So the amount owed will grow over time due to interest charges. Cons: The interest rate may be higher than other options. The loan will be subtracted from the death benefit if you don’t pay it back.You can surrender your policy entirely to get the full cash value, minus any surrender charge. And you’ll have to pay taxes on any gains earned on the cash value portion of the policy. Plus, you’ll be giving up your life insurance coverage because surrendering a policy terminates it.

You could consider a life settlement if you have an immediate need for cash that trumps the need for life insurance.

Source: Insurance Report (insurancereport.net)

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