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Life Insurance
Comments
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You can access the cash portion of these contracts as a loan. If taken as a loan rather than a withdrawal you can access this money tax free. Some of these contracts allow for the loans to come out of the general account of the insurance company leaving your money in your contract and still earning interest. Often the interest credited is higher than the interest charged on the loan creating and arbitrage in your favor.0
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Often the interest credited is higher than the interest charged on the loan creating and arbitrage in your favor.
There is no interest credited and the loan interest rates for the small number of firms that still do this, is typically very high and well above the likely bonus rate (or return if unit linked). Part of the reason you see so few offering the facility nowadays.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
could it be that I am now over 50!
Probably this could also be one of the reason. Many of the insurance companies have these rules when a person gets over the certain age.They havent given an explanation for why
They would never give the exact reason, but for this thing you may contact any of the legal advisers. They may answer for this thing.Be insured and be safe0
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