Fintech opens up a market for banks: Lending against life insurance

September 26, 2022 by Miriam Cross

Many people buy whole life insurance as protection for their beneficiaries after they die. Josh Wyss also sees it as a savings vehicle during his lifetime.

Unlike with term life insurance, which covers a specific period of the policyholder’s life, whole-life policyholders can borrow against the cash value of their policies when they need income. The money isn’t taxed while it is compounding inside the policy, nor is it taxed when it is taken out as a loan.

Click HERE to read the full story via Financial Planning

Originally Posted at Financial Planning on September 23, 2022 by Miriam Cross.