Only the policy owner can borrow against a life insurance policy, not the insured person. Even if you're covered by someone else's policy, you have no access to loans from it because the owner has total control.
Who can draw a loan on the policy? Only the owner, or can the insured, like my nephew or niece? As the policy owner, I maintain total and absolute control, so my nephews or nieces have no access to policy loans from the life insurance company. Want to find out more about how you can become your own banker? Click the link below or head over to learnwithjay.com.
