Loanback


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Loanback

The ability to borrow money using one's life insurance or retirement fund as collateral. Loanbacks are available for whole life insurance but not term life insurance. Loanbacks are useful in that they allow one to access the equity of borrowers' savings.
References in periodicals archive ?
The bond only comes with a flexible loanback facility allowing investors to borrow back up to 60pc of their investment at an interest rate of 1pc below Newcastle's standard variable mortgage rate, currently 5.