1. Surrender: If you have paid in whole life insurance for five years, if you don't want this protection, you can apply for surrender. Generally, you can refund the cash value of the policy, but the insured may have economic losses. Moreover, after the surrender, the guarantee will be invalid. Take Hetai Zengda Taishan Edition No.3 as an example. Suppose a 30-year-old male is insured and chooses to pay for life for 5 years, with an annual premium of 1 000 yuan. If he surrenders after five years, the cash value of the policy can be refunded to 465,438+0,472.
2. Insurance deduction: If it is an increase in whole life insurance, the insurance deduction right will generally be provided. The insured can get part of the cash value of the policy by reducing the insurance, that is, partially surrendering the insurance. Although the amount of insurance will be reduced accordingly after the reduction of insurance coverage, which will affect the appreciation of compound interest, the insurance will not fail.
3. Policy loan: whole life insurance generally provides policy loan rights, which can be 70% or 80% of the cash value of the policy (specifically subject to the insurance contract), but the longest loan period does not exceed 6 months.
How will whole life insurance refund its money after five years?
When whole life insurance applies for a refund five years later, he can take his insurance policy, ID card, bank card and other materials to the offline service outlets of the insurance company, or entrust an insurance salesman or his immediate family members to handle the corresponding procedures on his behalf. Common refund methods can be handled online. Take Ping An Insurance as an example, which can be handled in the "Ping An Golden Butler" APP. The specific process is as follows:
(1) Click "Policy Services";
Click on the homepage of "Ping An Gold Butler" APP to enter "Policy Service".
(2) Click "More";
Click "Service Processing" for more.
(3) choose to handle business;
In the "Policy Change Zone", you can see the business processing entrance. For example, surrender, you can click "surrender"; For the reduction of the insured amount, you can click to enter "partial collection"; Click "Loan/Repayment" for policy loan. After choosing a good business, and then choose the corresponding policy, you can go through the corresponding procedures online.
Operating environment of the above steps:
Mobile phone model: Xiaomi 12
System version: MIUI 13
Wechat APP version number: version 8.0.37