We get many questions on using whole life insurance policies with cash value as collateral for bank loans.

First, you can ONLY borrow against a policy with cash value, such as whole life insurance. You cannot use this strategy at all with a term insurance policy.

Often, local (as opposed to large/national) banks and credit unions will lend against the cash value of life insurance. So you may want to start with your local banker.

If you’d like to know how to use life insurance while alive to get cash quick, reach out to Kim at ProsperityThinkers.com.