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Subject:  Re: whole life insurance Date:  8/16/1997  1:16 PM
Author:  TMFPixy Number:  180 of 78166

Greetings, Ryan, and welcome to Fooldom.

<<Does anyone understand the concept of 'borrowing' money from the cash value of my whole life policy and then not having to pay it back? Is there is some sort of interest charge I would have to pay for 'borrowing' my own money?

I would get rid of the damn thing but my wife would kill me (her father sold me the policy). Little did I know three years ago what a STUPID and Wise thing that was. Take my advice: Buy term insurance and invest the difference!!! >>

When you borrow against the cash value of an insurance policy there will be interest charged against the outstanding balance. If you fail to repay the loan and/or the interest, two things