If an emergency arises and you need money fast, borrowing against or cashing in your whole life insurance may be a good option. If you live in or near Albany, NY, the agents at NY Twin Bridges Insurance Agency can answer your questions. They can explain how borrowing against your whole life policy works.

Whole Life Insurance

The premiums paid into a whole life policy accrue interest over time. As long as the premiums are paid on time, you may be able to borrow against your policy if you have built up enough equity. As the cash value of your policy continues to grow, so does the equity. Once the total equity reaches a certain percentage, you can borrow some or all of the proceeds. If the loan has matured, you may have the option to cash it out and close the policy

Tax-Free Loan/Withdrawal

Depending on the type of policy you have and the amount you withdraw, some of the money you borrow may be tax-free. If the money is considered a loan against the policy, there is intent that you will pay it back and that it wasn’t simply withdrawn as income. 

The agents at NY Twin Bridges Insurance Agency are always on hand to answer your questions concerning life insurance and its many advantages. If you have questions, schedule an appointment with one of their reputable agents. If you don’t already have life insurance, they provide you with the information you need to make an informed choice. Whenever you’re ready, call their office and ask them what you need to get your life insurance policy started.

When it comes to choosing commercial insurance, it can be a difficult decision to determine what type of coverage you need and don’t need. The chances are high that you will need some form of property insurance, which will help to cover any event of damaged or lost property. However, it’s important to have casualty coverage as well. 

Commercial insurance is a must-have for all businesses, regardless of their size. It’s best to talk to a representative from NY Twin Bridges Insurance Agency in Albany, NY to discuss the amount of coverage that works best for your business. Usually, the policy will depend upon if you own the office building, leasing or working from home. The value of the premium will be based on the value of your business assets. 

Commercial insurance protects the value of your business by offering compensation for all potential medical costs. Those obligations may include if an individual gets injured at your business location or if there is property damage and injuries caused by one of your employees. 

Casualty coverage provides liability for your business for negligent acts or omissions. This is a wide range of protection that encompasses coverage against damage and other liability. Not only will the policy repair or offer restitution of the damaged property, but the medical bills of those individuals injured in the accident will be covered as well. Most commercial insurance policies will combine both property damage and casualty as one coverage option. Property damage covers losses to your businesses’ physical assets that result from events such as theft, fire, explosion, burst water pipes, weather storms, and vandalism. Most lenders and others with a financial stake in the business will require the owners to have both property damage and casualty as part of the commercial insurance policy.