Many times in our life, in the event of an urgent need for money, we have to borrow from relatives or friends. But many times they do not even get money. In this situation we become embarrassed. Besides, many things become bad for not having money in hand. So if such situation ever arises you can get help with your insurance policy.
Only a few know that a loan can be obtained through a life insurance policy. You can get a loan from your insurance company. Let’s find out how much money you can get from your insurance policy.
What will be the loan amount on the policy?
If you are taking out a loan on an insurance policy, how much money you get will depend on the type of policy and its surrender value. The surrender value is how much money the insurance company will pay if the policy closes before your policy expires. In case of refund or indemnity insurance, you can get 80% to 90% of the surrender value as loan.