I have a permanent (whole life) insurance policy. I want to take out a loan on my cash value, so I called the company to get information. The company representative told me that they would give me the information after I process a loan; it would be sent in the mail. The company wouldn't tell me the interest rate over the phone. Don't they legally have to tell me the rate before I decide whether or not to process a loan with them?
They didn't tell you, probably because they didn't know themselves. Like an auto loan or mortgage, where you've got to fill out "paperwork" and let them do a credit check.
On the Whole Life policy which my grandparents purchased in my name, I just called the salesman and he told me over the phone. Thus, my guess is that some companies have fixed rates, and others variable.