The agents of Don Allred Insurance offer residents who live in the Burlington, NC area a comprehensive list of insurance policies, including permanent and whole life forms of life insurance. They can help you choose the right type of policy by explaining the benefits of each one. One of the main benefits of these two types of policies is that you can borrow against them once a sufficient amount of equity has been established.

Permanent and Whole Life Policies

Permanent and whole life policies are the only two types of policies that can be borrowed against. A permanent life insurance policy is also referred to as a cash value policy. It will pay out whenever you pass away. It also holds its cash value. A whole life policy also lasts for your entire lifetime. Premiums must be paid until the policy reaches its maturity. Both of these policies build equity that you can borrow against.

The Benefits of a Life Insurance Loan

If you have the right type of policy and have established enough equity, you can borrow against the policy. This type of loan offers many benefits including:

• No application
• No questions
• Doesn’t affect your credit score
• Low-interest rates
• No repayment plan is needed or required

The only cost of borrowing against your policy is to pay the premiums to keep the policy active.

If you live in or near the Burlington, NC area and have questions concerning your life insurance policy and whether you can borrow against it, call the agents of Don Allred Insurance Agency. They will be able to provide you with the information you need. They can also write policies that are designed to make sure you have sufficient coverage so that your family remains protected at all times.