Can I borrow money against my life insurance policy?

Yes, New York Life policyholders have the option to borrow money against their life insurance policy through a process called policy loan. This allows individuals to access the cash value accumulated within their insurance policy to fulfill their financial needs. Policy loans are typically offered at a competitive interest rate, and the borrowed funds can be used for various purposes, such as paying for college education, home renovations, or unexpected expenses. It's important to note that any outstanding policy loans will reduce the death benefit if not repaid, and interest will be charged until the loan is fully repaid. Additionally, policy loans are subject to certain terms and conditions, which policyholders are advised to review carefully.