A loan, large or small, to an individual at 5% interest or less? No questions asked? Without putting up security? And a lifetime to repay?
Even in easy-money times, such terms would seem generous. Yet they are available to the majority of the holders of 107 million life-insurance policies (excluded are 2,895,000 G.I. policies carrying borrowing privileges at 4%). Under most state laws, insurance companies are required to provide loans amounting to almost the entire cash value of nonterm policies. The 5% interest on the outstanding principal of the loan is payable after a year. The principal itself need not...
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