When Can You Cash Out Your Life Insurance?

The agents of Statewide Insurance Solutions understand the benefits of using the equity you have built within your whole or universal life insurance policy. If you live in the Waukegan, IL area and have questions about cashing out all or part of your life insurance policy, you can call your local agent to get all of the information you need.

Cashing Out A Portion Of Your Life Insurance

Many people invest in a life insurance policy knowing that the ones who will benefit from it the most will be those who are left behind to cash it in. There are policies, however, that allow you to cash out a portion, or in some cases, all of the equity you have built up in the policy. The equity is the amount of the premiums you have already paid into the policy and the total of what the policy is actually worth at the time.

Repaying Your Policy

Most policies allow you an option to keep paying the premiums after you have cashed out a portion of the policy. You may also have the option to make additional payments and treat the cash out as a loan against the policy. These options will depend on how your policy is set up and the amount of equity you have already invested in it.

Residents who live in the Waukegan, IL area and have a mature life insurance policy may be able to borrow against it. Call and schedule a consultation with the agents of Statewide Insurance Solutions today if you have questions about purchasing a life insurance policy or how you can borrow against an existing one. The money is yours. Find out how you can use it to your advantage.