Loans and withdrawals
There are a variety of options for accessing policy values, each with its own unique provisions that can affect your financial plans.
Policy loans overview
Depending on the terms of your policy, you may have the option of obtaining a portion of your cash value by requesting a policy loan.
Loans that are not repaid reduce the death benefit proceeds of the policy. Under most circumstances, loans will not cause a taxable event at the time the loan is taken.*
Outstanding loan balances reduce the protection value of your policy. All loans are subject to interest rate charges.
Request a policy loan
LOANS UP TO $50,000
For most loans up to $50,000, you can make your request over the phone. Contact customer service for assistance. All variable loans requested over the phone require a telephone authorization form to have been received and on file not less than 30 days prior to the telephone request.
You can also fax or mail the loan form to initiate your request.
LOANS OF $50,000 OR MORE
For loans of $50,000 or more, you must mail or fax the loan form to Customer Service.
Note: For loans on policies with multiple owners, such as with corporate or trust owned policies, please contact customer service.
REPAYING AN EXISTING LOAN
Loan repayments and loan interest payments are encouraged. Loans that aren’t repaid will be deducted from the death benefit proceeds when the payment is made to the beneficiary, or at the time the policy is surrendered.
If you’re considering paying off your loan in full, please contact customer service for a loan payoff quote and mailing address.
Withdraw cash value overview
Some products may also allow you to take a partial withdrawal or partial surrender from your policy's cash value.
A withdrawal will permanently reduce the policy's death benefit. Withdrawals may also cause a taxable event.*
To determine if your policy allows for a partial withdrawal or partial surrender, and to obtain the appropriate form, please contact customer service or your financial advisor.
SURRENDER A POLICY OVERVIEW
We encourage you to contact your insurance professional to discuss the cancellation of your policy, the implications of a cancellation and any additional policy options available to you.
Don’t have an advisor? Go here to find an advisor.
You can also contact customer service for assistance.
*Our company is not responsible for tax advice. We encourage each policy owner to consult his/her personal tax advisor regarding this and other applicable tax matters.