Justin Delle Donne
If you need quick access to funds, our interest-only, revolving Insurance Line of Credit is a great option for both personal and business needs. You can easily borrow against the cash value of a whole life insurance policy.
Features & Benefits Include:
- A quick and simple application process
- No prepayment premiums or origination fees
- Monthly, interest-only payments on outstanding principal balance
- Interest may be tax-deductible*
- Flexible payment options such as, but not limited to: ACH, auto pay, checks, wires
- Multiple policies can be combined and used as collateral for a single line of credit
- No credit obligation will be reported on the borrower’s credit report1
- Line of Credit up to 95% of the cash surrender value of the Whole Life Insurance Policy2
- Term: 10 Years
- Lines starting at $65,000 up to $10 million (larger lines considered upon request)
- Competitive interest rate based on Wall Street Journal Prime Rate
- Policy must be in effect for at least 12 months3
- Ability to increase the credit line during the term4
- Borrowers with individually owned policies or Trust owned policies can apply5
- Funds can be easily accessed by writing a check
- Minimum advance amount: $5,000
- Monitor your account activity using Lakeland’s Online and Mobile Banking
- Pay for tuition or plan a wedding
- Obtain working capital to start or expand your business
- Plan your dream vacation or buy or renovate your dream home
- Easily access cash for emergencies or those unexpected, last minute expenses
- And more!
Whole life insurance policy must be issued by one of the following approved insurance carriers to be eligible as collateral: Guardian Life, New York Life, MassMutual, Metropolitan Life, John Hancock, Northwestern Mutual, Brighthouse Financial, Penn Mutual Ohio National Life Insurance Company, and Pacific Life.
Justin Delle Donne
VP / Team Leader
- JDelleDonne at LakelandBank dot com
1 Only credit inquiry from Lakeland Bank will appear on a borrower’s credit report.
2 Line is contingent on the life insurance policy remaining in good standing and subject to credit approval & underwriting.
3 Unless policy was a Section 1035 Exchange.
4 Based upon cash surrender value of insurance policy(s).
5 Assignment and loan documents must be completed by all policy owners. If the Trust is the policy owner, the trustee(s) must execute assignment & loan documents. No business owned or corporate owned policies.
* Consult your Financial Advisor or accountant.
Available in CT, NJ, NY, PA.