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How do I know if my life insurance policy can be assigned as collateral?
Asked by: insurance 1225 views Life Insurance
I am considering selling some of my annuity payments for a lump sum, but required to have life insurance policy as collateral. I currently have a policy which is more than needed to cover the amount needed, but dont know much about using as collateral. What types of policies are assignable? I know you can designate a beneficiary on the policy, but dont know if there is a certain type of policy needed for this purpose. Any info is greatly appreciated and thank you in advance.
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