Expert's Advice on Real Estate and Money

Insurance that will reduce your credit risk

Your life insurance policy may have a cash value against which you can borrow. The interest rate for borrowing your own money, in effect, is usually lower than almost anywhere else you could borrow the money. If yours is a whole life policy, this may be a possible source of money that you could use in the development of your product. If it is a term policy, there will be no cash value option. Check with your insurance agent to see if this is a possibility for you. Be certain that borrowing against the cash value will not reduce the benefits to your family should something happen to you. No matter how great your invention and how much faith you have that it will be a fabulous financial success, the financial security of your family should be your first priority, not funding your invention. You can find creative ways to plan for expenses or obtain funds for your invention without putting your family at financial risk.