There is a fire. Or maybe it's a flood. Perhaps it's a burglary. No matter what the catastrophe, there you are, staring at the leftovers of what used to be an expensive, potentially precious object or room or even house.
Thankfully, you have insurance.
You might feel a little overwhelmed - what happens now? What can you do next? Once you let your insurance know that there's a problem, what steps do they take?
Do you have a whole life insurance policy? One of the major benefits to a whole life insurance policy is that you can borrow against it once you have built a significant amount of equity. But that doesn't mean borrowing against your life insurance policy is always a good idea -- borrowing against your policy means that you reduce the amount of insurance that would be paid out in your estate.
1. When Purchasing a Home