You can borrow against next week with a payday loan and against next month with a credit card. You can even borrow against your own retirement with a 401(k) loan.

What about a life insurance loan? Well, it won’t affect your afterlife, but your heirs might not appreciate it. If you can get past that inconvenience, a life insurance loan may be a workable option for fast, emergency cash.

According to an insurance report from the research organization LIMRA, nearly 60% of U.S. adult household decision-makers are covered by some form of life insurance. These policyholders sought out coverage for help with burial expenses, replacing income, leaving an inheritance, and paying off debt after they die. Life insurance is less commonly sought out for the benefits it provides to policyholders while they’re still living. Specifically, permanent life policies build up cash that can be tapped in an emergency.

Generally, debt is not the preferred way to cover emergency expenses. But if you don’t have an emergency fund, you may have no choice. When you look at the options – using a credit card or borrowing from your 401(k) – a life insurance loan may be the easiest to manage. Unfortunately, it’s the hardest debt option to understand. Here are five consequences you’ll accept when you borrow from your life insurance policy.

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