Google Answers: LIFE INSURANCE AS COLLATERAL

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Q: LIFE INSURANCE AS COLLATERAL ( No Answer, 1 Comment )

Question

Subject: LIFE INSURANCE AS COLLATERAL
Category: Business and Money > Finance
Asked by: choco1234-ga
List Price: $5.00

Posted: 04 Aug 2006 16:13 PDT
Expires: 13 Aug 2006 13:56 PDT
Question ID: 752670

I HAVE #350,000 WORTH OF LIFE INSURANCE AND WANT TO USE IT AS
COLLATERAL FOR A $25,000 LOAN. DOES COLLATERAL GUARANTEE A LOAN
APPROVAL AND I HAVE FAIR CREDIT WHERE CAN I GO TO SHOP FOR A SECURED
LOAN?

Answer

There is no answer at this time.

Comments

Subject: Re: LIFE INSURANCE AS COLLATERAL
From: myoarin-ga on 05 Aug 2006 04:27 PDT

The problem is that an independent lender doesn't want to wait till
your life insurance falls due if the loan isn't repaid.
But some life insurance companies grant "policy loans?, perhaps your
company does.  Here is what New York Life says:
http://www.newyorklife.com/cda/0,3254,14117,00.html

Contact your insurer.  Maybe you can find them on the web.

Good luck

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