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In Reply to: Re: Re: Re: Re: Re: taxable cash value insurance posted by GP on February 25, 2003 at 14:11:17:
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I bet no bank in the US will loan 90% of the total cash value when the cash value goes up and down on a daly basis. What interest rate do the bank's charge?
What banks loan money against the cash values on variable life ins. here in the US?
You said it was preferable to borrow from a bank, but you have to make payments on the loan at the bank, but you do not have to make payments on a loan with the insurance company.
If you borrow from the insurance company, it is not a taxable event unless the policy is a MEC.