I have a 10 pay policy in the 6th year. I borrowed out as much cash value as I could as I was thinking of surrendering the policy, and I borrowed over 99% of the cash value. The anniversary date isn’t until next February, when I will owe another annual premium. I figure there is no way that the policy makes it to the next anniversary as the loan interest has to be accumulating faster than the cash value is.
Any chance that the interest due notice won’t come until the next premium is due.
Because since I borrowed the money a month ago, I figure I have another month at most until there is nothing left in the policy.
My question is would the insurance company wait until the anniversary date to bill me for the premium and interest on the loan ? Or will I get an interest due due bill to keep the policy InForce any day now ?
Thanks
Any chance that the interest due notice won’t come until the next premium is due.
Because since I borrowed the money a month ago, I figure I have another month at most until there is nothing left in the policy.
My question is would the insurance company wait until the anniversary date to bill me for the premium and interest on the loan ? Or will I get an interest due due bill to keep the policy InForce any day now ?
Thanks