Loan and withdrawal requests are processed within five business days after they are received at the Company’s Home Office in Binghamton, NY.  Funds can be electronically transferred into the policyowners’ personal checking account by providing an imprinted check marked “void” with the loan application or withdrawal form.  Loan and/or withdrawal checks issued will be mailed the business day following the day the request was processed.   

With a whole life policy, the policyowner may withdraw all dividends that are not

1. loaned against 
2. applied as “increasing cash value”
3. being used to reduce the premium due or the loan balance
4. being applied to custom term riders

The policyowner may withdraw from the fund value of Universal Life and Annuity contracts.  For the maximum withdrawal amounts please contact our Individual Client Service Department.  (There is an administration fee for the processing of each Universal Life withdrawal.)

Universal Life contracts and Annuities have required minimum fund balances, which are stated in the contract. Feel free to contact us. 

Yes, the benefits of repaying the policy loan are that both the death benefit will be restored to the extent of the loan and the policy cash value will increase.

A loan can be repaid, and the death benefit restored to the extent of the loan.  A withdrawal cannot be repaid as it is a partial surrender of both the policy cash value and death benefit.

Loan interest is charged annually on an outstanding loan balance.  There is no interest accrued for partial policy withdrawals.