Can I Borrow Against My Term Life Policy

Term life insurance offers other benefits aside from providing a way for you to pay your final expenses. At Access Insurance Services, agents help the residents of San Antonio, TX find the right type of life insurance for their individual needs. For some residents, having a term life insurance policy will suit their needs as well as provide them with a line of equity in case of emergency.

Build Equity

With a term life insurance policy, you have an opportunity to build usable equity. Because it is a "term" policy, the number of payments have already been decided in order to reach the policy’s maturity. With every monthly premium you pay, you continue to build equity.

In Case of an Emergency

When enough equity has built up in the policy, you may be able to take a loan out against what you have already paid in. You will have to apply for the loan just like you would if you were borrowing from a financial lender. If you are approved, you will be able to borrow a pre-determined amount.

Make Additional Payments or Add Payments to the End

When it comes to repaying the loan, you can make an additional payment every month along with your regular monthly premium or you can add the payments on to the end of the term.

If you are interested in learning more about the benefits of a term life insurance policy, call the agents at Access Insurance Services. Residents who live in San Antonio, TX can get all of the information they need about term life policies simply by calling the office and talking to a reputable agent.