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#7: Life Insurance Policy Loans for Debt Payoff
If you've held a permanent life insurance policy (whole life or universal life) for years, you can borrow against its cash value to consolidate debt—often at rates lower than traditional loans. These policy loans don't require credit checks and won't show up on your credit report. Many seniors don't realize this option exists; borrowing $20,000 against your policy's cash value could provide quick debt consolidation without the lengthy approval process traditional lenders demand.
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