Resources for Customer Service

 
Borrowing for Your Small Business

Life Insurance Loans
Certain types of life insurance policies include a savings component, or cash value. You may borrow against the accumulated cash value at relatively low interest rates. Essentially, you are borrowing from your own savings. Interest rates may be fixed or variable depending on the policy. The rate of interest charged on a policy loan may be stated in the contract, or you can obtain it by contacting your insurance agent.

Caution: Usually you can repay the loan whenever you like, but remember, you bought the insurance to protect your family in the event of your death and the amount of loan outstanding when you die will be deducted from the money slated to go to your beneficiaries.

Share Article:
Add to GooglePlus
Securities and Insurance Products:
Not Insured by FDIC or any Federal Government Agency May Lose Value Not a Deposit or Guaranteed by the Bank or any Bank Affiliate
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Infinex and the bank are not affiliated. Community Wealth Advisors is a trade name of the bank. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed by insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
BrokerCheck