Life Insurance Loans/Line of Credit?

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patpet7
patpet7 Member Posts: 13
edited June 2014 in Employment, Insurance, and Other Financial Issues

I am getting deeper in debt by the minute and I've been reading where some people have cashed out their Life Insurances or had a line of credit from them.   I have two policies and one has excelerated death benefits but you can only get a small amount out.  Have you had experiencces with companies that were good as far as cashing out life insurance or getting a line of credit from one?  Any information would be greatly appreciated.  Thanks!

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  • Traci-----TripNeg
    Traci-----TripNeg Member Posts: 2,298
    edited May 2011

    I have a whole life policy that has a cash value that I can cash out at any time without payment. (Although interest does accumulate.) I've used it several times. Once $3k and twice $4k. I'm so glad my agent talked me into that one.

    I know I've read of girls doing this here. Have you called your agent?

    ((((hugs))))

    Traci

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  • patpet7
    patpet7 Member Posts: 13
    edited May 2011

    The life insurance policy was one I got through my employer.  I don't really have an agent. 

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  • Fearless_One
    Fearless_One Member Posts: 3,300
    edited May 2011

    Patpet7, you mean we can cash in our life insurance policy that is through our employer?Surprised

    While we are still working there?

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  • Chickadee
    Chickadee Member Posts: 4,467
    edited May 2011

    She's talking about accelerated benefits.   You can sometimes receive a portion of the insurance amount in advance if your Dr. certifies in writing that you have a certain amount of time to live.  My companies requirement is 6 months and my onc would not sign it.  The intent is that you are very ill and the insurance money can help in your final months.  Some ladies have had better fortune and their Oncs have been willing to sign though they are currently stable. 

    patpet7, contact your insurance provider or your HR dept. and inquire about "accelerated benefits" on your group life policy.  They should send you the paperwork.  Accelerated benefits are based on your health status so they won't consider that you have financial challenges.

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