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Can my partial withdrawal be used to pay off an existing loan on the same policy?

April 26, 2017existing loan partial pay policy Used withdrawal

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Can my partial withdrawal be used to pay off an existing loan on the same policy?

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A. Depending on your policy provisions and current value, you may have the option of taking a portion of your cash value as a partial surrender or withdrawal to pay off an outstanding loan. A verbal request is sufficient for partial withdrawal requests less than $50,000. Request greater than $50,000 require a written request or a completed Policy Cancellation and Disbursement form (Non-New York) or (New York).