Some permanent life insurance policies build cash value. Policy loans are loans against the policy, not free money: interest and policy charges matter, and unpaid balances can reduce available value or the death benefit. A policy may lapse if it cannot support required costs, and some transactions can have tax consequences. Review guaranteed and non-guaranteed values, premiums, surrender charges and loan terms with a licensed insurance agent. Ask a qualified tax professional about your circumstances before relying on a tax claim.
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