Confirm the policy is permanent life insurance with cash value
Review the policy’s cash value, loan balance, and surrender value
Contact the insurance company or agent to request a policy loan
Complete the insurer’s loan application or request form
Choose the loan amount within the available borrowing limit
Review the loan interest rate, repayment terms, and any fees
Receive the loan proceeds by check, direct deposit, or account transfer
Make interest payments if required by the policy
Repay the loan on your schedule or according to policy terms
Monitor the outstanding loan balance to avoid reducing the death benefit
Keep the policy in force to prevent lapse if the loan grows too large