I need to obtain a debt consolidation loan of $10,000. Would a bank accept a $50,000 life insurance assigment for collateral?
If the insurance company will assign the policy this is a possibility, but the real question is, what is the cash value of the policy? That is the true collateral value, and may represent the maximum amount that would be loaned against it.
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If the insurance company will assign the policy this is a possibility, but the real question is, what is the cash value of the policy? That is the true collateral value, and may represent the maximum amount that would be loaned against it.
