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Believe it or not
After having major heart surgery, a pacemaker, Marfan Syndrome, and a hernia operation find out what happened when I applied for reasonably priced term life insurance.
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Read my story about getting an online term life insurance quote.
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Life Insurance Policy Loan
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This clause states that the insured may take a loan (this loan does not have to be repaid) against the policy in an amount which does not exceed the cash value portion of the policy. The rate of interest is stated in the contract. If the loan is not repaid, the death benefit is reduced to the beneficiary in the amount of the loan plus the interest.
With Whole Life the only way to get money out is through a loan. With Universal and Variable Life, you can either take out a loan or take a withdrawal. On a loan, the clock starts ticking right away. With a withdrawal, there is a $25 administrative fee. That's all. And the money never has to be repaid. On all loans, the interest is deducted from the amount of the loan.
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