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re: Term or Whole? Insurance
Posted on 4/30/14 at 3:03 pm to GoCrazyAuburn
Posted on 4/30/14 at 3:03 pm to GoCrazyAuburn
quote:
However, like you NOLA, one reason I have some WL is so that I have a way to supplement retirement income with something that is guaranteed to grow as long as I keep it.
I thought to take money out of whole life would be a loan? How do you take money out? Serious question.
Posted on 4/30/14 at 3:10 pm to lsu13lsu
It is a loan, but a loan you don't have to pay back. If you do, it goes right back into the policy, and you have access to it the next day. Think of it like being your own bank. Basically, the cash value account can be accessed while you are living, or help increase your death benefit. If you take the money while you are alive, then your increase in death benefit is decreased by that amount. All of this is tax free as long as the policy is in force.
This post was edited on 4/30/14 at 3:11 pm
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