What happens if my outstanding loans plus interest due exceed the policy loan value on my policy?
You will be notified to make a payment to reduce the loan plus interest to a value that the policy can support. If you have dividend accumulations, you may be advised that you can use dividends to pay down the interest and loan. My company has an on-site office at my place of employment where an insurance agent comes each week to answer insurance questions about insurance and sell additional insurance to employees. Is this a good way to buy life insurance? It is a good way to buy if you have confidence in the agent and the company the agent represents. The on-site setting provides an element of convenience and the likelihood that you will be able to get your questions answered. You might also gain access to other services that you may not have had otherwise. However, you should do further research and consider competitive quotes, before actually closing the deal.
