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Question for the Money Doctors

Question submitted on Dec 3, 2013.

Question

can I borrow money against my dads life insurance? thank you, frank kovats

Answer

Hi, thank you for the question. If your father's policy is a permanent policy that has accumulated cash value, then the owner of the policy typically is able to take a loan against the cash value. In many instances, the owner may borrow up to a certain percentage of the cash value available in the policy. Thus, unless you are the owner of your dad's policy, then you would not be able to borrow money against it.

I hope this helps.


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