If the borrower fails to repay the principal and interest of the loan in time or fails to go through the formalities of renewing the loan, the insurance company will include the interest in the principal, which will be regarded as re-issuing the loan to the borrower and recalculate the interest. When the total loan principal and interest reaches the cash value of the policy, the insurance contract is terminated. During the termination of the insurance contract, the insurance company will suspend the performance of the compensation liability agreed in the contract. However, during the two-year period when the insurance contract is suspended, the insured may apply for restoring the validity of the insurance contract. After the insurance company has passed the examination and waited for the expiration, the insurance company will continue to perform its obligations under the insurance contract. It should be noted that different insurance companies may have different provisions on restoring the effectiveness of contracts, so please refer to the provisions of specific insurance companies.
How soon will the policy loan arrive?
1-5 working days. In general, the lending time of policy loans is 1-5 working days. If the borrower has good personal qualifications, he may be able to get the loan amount on the day of application. Therefore, the loan arrival time is closely related to the borrower's personal qualifications, and also has a certain relationship with the selected lending institution.
The specific loan arrival time depends on the efficiency of the staff. Some insurance companies may transfer the loan amount to the borrower's account on the second day of application, while some insurance companies may need three working days to complete the loan.