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Policy Loan |
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Policy Loan A loan issued by an insurance company that uses the cash value of a person's life insurance policy as collateral. Sometimes referred to as a "life insurance loan." Notes: Traditionally, these were loans issued at a very low interest rate, but that is no longer universally true. If the borrower fails to repay the loan, then the money is simply withdrawn from the insurance death benefit. See also: Life Insurance, Loan Policy loan A loan often made at a below-market interest rate from an insurance company to a policyholder that is secured by the cash surrender value of a life insurance policy. |
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Policy Loan
