Does an emergency in life present the need for some extra money?
Did you know that aside from having a face value for your life insurance policy (the amount paid to beneficiaries you have named upon your death) – the policy has a cash value that you can use without surrendering the policy? This occurs when policies have been held long enough for their cash value to accumulate to a large enough amount that you can borrow against it tax free. The interest rate usually is at market rates. If you don’t repay it, the final death benefit is then reduced by the total amount you withdraw. Call Scott Insurance to determine if this is available on your current policy – and receive a review of your situation to see if it is a good idea.