Think of it like using your life insurance policy as security for a loan. When you assign your policy to the bank, it gives them temporary control. This means the bank can claim the policy’s payout if you happen to pass away before the loan is fully repaid.
The good news? It’s just temporary. Once you’ve paid off your loan, the policy is yours again, and you’re back in full control. You can change your beneficiaries, adjust coverage, or do whatever you like with your policy. We can help you understand the details and make sure the process is smooth and easy.