If the policy loan is not paid off, you can surrender it, so you don't have to pay it off in full.

1, policy loans generally do not affect surrender. After the insurance is surrendered, the insurance company will no longer bear any insurance liability. I suggest you think it over. The surrender premium shall be refunded according to the cash value. Usually, there will be a corresponding cash value table at the end of each policy year after the insurance contract is signed. You can have a look.

2. Policy loan, as the name implies, the policy holder mortgages the policy to the bank and obtains a loan from the latter. Because it is a mortgage loan, not all policies can be used for policy loans. Only cash value policies can be used for policy loans.

1. In general, the amount of the policy loan does not exceed 80% of the cash value of the policy, and the cash value of the policy is related to the specific types of insurance, the premiums paid and the insurance year. If the insurance cost is higher and the insurance age is longer, the policy loan amount will be higher.

2.2. Under normal circumstances, 70%-80% of the premiums paid can be loaned, but all the premiums have not been paid; If all the premiums are paid, the loan amount is the insurance amount this year.

Advantages of policy mortgage

1. Protection rights and interests will not be affected.

2. Convenient applications

3. Low interest rates

4. Ping An Insurance doesn't want to be insured, so it takes a policy loan. If the customer fails to repay the due loan and loan interest, the unpaid policy loan and accumulated loan interest will constitute a new policy loan, and the equity maturity date will be calculated according to the policy loan interest rate of the next day. If the customer partially repays the loan, it will also be used to repay the accumulated interest before lending the principal.

5. If the borrower fails to fulfill the debt before the deadline, the insurance contract will be terminated when the loan principal and interest rate are lower than a certain proportion of the cash value of the policy.

6. The cash value of loans obtained by insurance companies is guaranteed by life insurance policies. The one-time loan amount of such loans depends on the validity period of the policy; The amount of age and death compensation guaranteed when issuing the policy. Although recent insurance policies usually only allow borrowing at the money market interest rate, the interest rate of such loans to policyholders is usually lower than the market interest rate.

7. If the insured fails to repay the loan, the loan principal and interest will be deducted from the death compensation in the life insurance policy. Usually, policy loans can only be used for "cash value" policies.

8. The nature of long-term life insurance savings such as endowment insurance, whole life insurance, endowment assurance, universal insurance and dividend insurance is that they have cash value after being insured for one year. The longer the payment time, the higher the accumulated cash value. These policies can usually implement policy loans, but the specific situation depends on the specific terms in the insurance contract.

I hope I can help you.