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You Built It, You Can Borrow From It
Tap into your whole life insurance policy to access lower rates
You Built It, You Can Borrow From It
Tap into your whole life insurance policy to access lower rates
You Built It, You Can Borrow From It
Tap into your whole life insurance policy to access lower rates
When you have a large expense, it’s important to evaluate all your options to ensure you’re making the best financial decision for you and your family. A Life Insurance Line of Credit1 allows you to borrow from your own personal policy — using money you’ve already saved — while incurring a significantly lower interest rate than many other options on the market. Town Bank checking account required. Offer available through 12/29/2023.
Use your whole life insurance to cover life's expenses:
Use your whole life insurance to cover life's expenses:
- Unexpected personal or business expenses
- Tuition and Debt consolidation
- Medical Expenses
- Unexpected personal or business expenses
- Tuition and Debt consolidation
- Medical Expenses
Take advantage of our low introductory rate to:
Take advantage of our low introductory rate to:
Take advantage of our low introductory rate to:
- Borrow $50,000 – $500,000 with no minimum draw amount3
- Enjoy easy access to funds using a Town Bank checking account or ATM
- Complete all your banking under one roof
- Draw on your line and make payments online
Approved insurance carriers:
SEE HOW BORROWING USING YOUR LIFE INSURANCE POLICY CAN HELP KEEP YOUR INTEREST RATES LOW.
1. Life Insurance Line of Credit Promo. Completed applications must be submitted by 12/29/2023 to be eligible for this offer. Eligible insurance policies which serve as collateral for this product must be issued by an approved life insurance carrier, a whole life insurance policy with a cash surrender value, and in force for 2 years or more. Approved carriers are Northwestern Mutual, Massachusetts Mutual, Guardian Life, New York Life, Met Life, or Prudential.
2. Annual Percentage Rate. Annual Percentage Rates (APRs) are accurate as of 7/27/2023. APR is a variable rate based on an index of the highest Prime Rate reported in the Money Rates section of the Wall Street Journal (the “WSJ Prime”), plus a margin based on the amount of the line. For the first 12 months from the date of the loan there is an introductory rate of 6.25% APR which is not based on the index and margin used for later adjustments. After the 12 month introductory period, terms will be as follows. On 7/27/2023, the WSJ Prime Rate was 8.50% resulting in the following APRs: $50,000.00 – $149,999.99: 9.00% (Prime + 0.50%); $150,000 – $500,000: 8.50% (Prime).
3. Life Insurance Line of Credit Amounts & Fees. Lines of credit provided between $50,000.00 – $500,000.00 with the maximum amount offered based on the cash surrender value of the insurance policies used as collateral, for up to 36 months. There is a loan origination fee of $250.00.
