How soon can you access your cash value?

It can be a bit of a process to get a life insurance policy and begin to access your cash value. There are many steps you need to complete, from the application phone call, to the medical exam, to underwriting, and final review of your contract. It takes, on average, about 4-6 weeks to complete this entire process. So don’t panic if nothing seems to be happening very quickly. It’s very common in this industry.

Once you sign your policy contract, you’ll follow the funding instructions to pay your premium. But before you can access your cash value, there may be a bit more waiting involved. 

Expect to wait no more than 30 days before you can access your cash value via policy loans. This doesn’t always mean it will take 30 days. This waiting period depends on a number of factors: the insurance company your contract is with, their backlog, if it’s your first time paying a premium, etc.

It’s always a good idea not to plan on being able to access your cash value for 30 days.

Don’t rely on something that may not be there when you need it. However, I will say it’s not unheard of to have funds much, much sooner. We’ve seen instances where policyowners have their cash value available the next day after paying their premium! This isn’t typical or common, but it’s not impossible either. 

No matter how long it takes for your cash value to become available, it’s always worth the wait. And the next time around, it’s likely that the process will run smoother and faster than the first time. In the grand scheme of things, 30 days is really not a long time. Find a way to be patient and you’ll be glad you did.

When you’re ready to get started on creating your financial legacy or if you have more questions, most questions can be answered by watching this video. Start there and then schedule a consult with my team when you’re ready to begin.