Is it wise to borrow against the payout of a life insurance policy to pay for a bucket list wish for my mother, who is in declining health?

My mother is 78 years old and is in declining health. She has a bucket list item that would cost between $3,000 to $5,000 and has no way of coming up with the money. She has a whole life insurance policy with a death benefit of $100,000. Her beneficiaries would not suffer financial hardship if the payout were reduced. Would it be prudent to borrow against the payout so that she could fulfill her bucket list wish?



Insurance, Life Insurance, End of Life
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1 week ago
67% of people found this answer helpful

The cash value in a life insurance policy is a wonderful resource.  Your mother can access the money with a phone call to the insurance company.  Any withdrawals (and the interest that's charged) do not have to be repaid, and simply reduce the death benefit down the road. 

I congratulate your mother on having the foresignt to purchase whole life insurance policy.  It offers so many benefits!

Good luck, and hope your mother enjoys every item in her bucket list!

2 weeks ago
2 weeks ago