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t a guaranteed rate of 5 percent as long as the policy remained in force. Policies issued more recently usually offer a variable-rate loan tied to some index of interest rates, such as the prime rate or yields on Treasury securities. Like other consumer interest, the finance charges you pay on a life insurance loan are not deductible. All you must do to borrow from your policy is to inform your insurance agent how much money you want, and he or she will process your loan application. You need not explain your plans for the loan proceeds, and no one will check your credit record. You should receive a check within a few days or weeks. Your loan affects the value of your insurance policy in various ways. First,[link widoczny dla zalogowanych], your death benefit is automatically reduced by the amount you borrow, so if you CHAPTER 9: You and Your Credit—Managing It Wisely die while the loan is outstanding,[link widoczny dla zalogowanych], your heirs receive less of a payout from the insurer. Some companies also lower the return they credit you on your cash value by the amount of your loan. Therefore,[link widoczny dla zalogowanych], the cash value remaining in your policy might grow more slowly than if you hadn’t borrowed. Still, a loan from your insurance policy can be a good idea, particularly if it is used for a worthwhile investment that will allow you to pay off the loan later. However,[link widoczny dla zalogowanych], don’t borrow so much that you seriously impair your insurance coverage. MARGIN LOANS Borrowing against the value of your stocks, bonds, mutual funds, and other securities held by your