Stretching Your Dollar: Understanding Life Insurance Loans

RetireOne Chief RIA Solutions Officer Tom McNeela joined Cheddar News to explain how folks can use their cash-value life insurance policies for a loan. “There’s a lot of advantages and opportunities with permanent life insurance policy,” he said, “if you have one, and there’s cash value in there, you can take a loan out, and most of the time, it’s a better rate than what you can get at your bank.”

Before taking out a loan on an insurance policy, review the policy in detail for any loss of benefits or any increase in fees that may be incurred as a result of the loan.

The suggestions discussed are general in nature and are not specific to any one client’s situation. Only a thorough review of a client’s particular financial and personal situation can determine if the strategies are appropriate.

We recommend consulting with a tax professional before implementing any of the discussed suggestions.

Securities offered through EF Legacy Securities, LLC (EFLS). EFLS is a member of FINRA/SIPC, registered in all 50 states and is a licensed insurance agency (resident KY License No. DOI-896601). In CA, EFLS is doing business as EF Legacy Insurance Agency LLC (nonresident license No. 0L01472).

Non-registered insurance products are sold by RetireOne, Inc. (RetireOne), a licensed insurance agency (resident KY license no. DOI-778494). In CA and AR, RetireOne is doing business as R1 Insurance Solutions, Inc., (nonresident license no. 0H44773 and 100107906, respectively).

All guarantees are subject to the claims-paying ability of the insurance company.


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