Single Premium Life policies give you control over your financial investment, providing access to the cash value for emergency situations and retirement.
One way to withdraw the cash in the policy is by taking a loan.
You can typically consider a loan equivalent to 90% of the policy’s cash surrender value.
This will certainly decrease the policy’s cash surrender value and death benefit, but you still have the choice to pay back the policy loan and re-establish the full death benefit.
Your insurance company may also allow you to withdraw money and deduct that withdrawal from the insurance policy’s cash surrender value.
The insurers usually have a minimal amount that you can take out.
In most cases, the total you can take out each calendar year without having to pay a surrender fee might be 10% of the premium paid in or 100% of the policy’s gains, whichever is higher.
Learn more and start with building your financial blueprint at https://renovatemyplan.com