Legal analysis: not all policies can be loaned, and there is no policy value, so loans cannot be made. In addition, the term policy with pure guarantee is not worth much, so it is not suitable for making policy loans. Universal insurance and investment-linked insurance have partial collection functions, so policy loans are not applicable. Only products with policy value can be used for policy loans, such as traditional life insurance and dividend-paying life insurance. Generally, as long as the premium is paid for more than one year, the life insurance policy has a certain cash value. Moreover, many long-term life insurance clauses stipulate that only when the insured has paid the insurance premium for more than two years and the insurance period has expired for two years can the insured apply for a pledged loan with the insurance policy. In addition, the person who handles the policy loan can only be the insured himself, and others cannot handle the loan with the policy.

Legal basis: Civil Code of People's Republic of China (PRC).

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays it at maturity and pays interest.

Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.

The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.

Article 669 When concluding a loan contract, the borrower shall provide the true information about the business activities and financial status related to the loan according to the requirements of the lender.