Assignment Of Life Insurance Policy As Collateral For Loan
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FAQ
A collateral assignment pledges a permanent life insurance policy's cash value and death benefits to another party and is most commonly used to secure a loan taken out by the policyowner. A collateral assignment primarily serves to protect the repayment interest of the lender.
Whole life insurance policy must be issued by one of the following approved insurance carriers to be eligible as collateral: Guardian Life, New York Life, MassMutual, Metropolitan Life, John Hancock, Northwestern Mutual, Brighthouse Financial, Penn Mutual and Pacific Life.
Definition and Examples of Collateral Assignment Collateral is any asset that your lender can take if you default on the loan. For example, you might apply for a $25,000 loan to start a business. But your lender is unwilling to approve the loan without sufficient collateral.
What types of life insurance can I use as collateral for a loan? Any type of life insurance policy can be used to secure a loan. This includes term, traditional whole life, universal life and variable universal life, according to the Insurance Information Institute.
Both permanent and term life insurance policy types can be used for collateral assignment of a business loan. However, as a business owner, it will be much cheaper to pay term life insurance rates for business loan collateral than those for a permanent life insurance policy.