First of all, answer directly.

Not necessarily.

Second, the specific analysis

The policy loan need not be repaid within six months. In the real policy loan business, if the lender fails to repay the loan within the specified time for some reason, the insurance company will bear interest, and when the cash value of the policy is not enough to deduct the loan interest, the guarantee will be terminated.

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3. What should I do if the policy loan is not due?

If the policy loan is not repaid, you can borrow from friends and relatives, or apply for repayment reduction or exemption, or contact the lending institution to apply for deferred repayment or installment repayment.

Otherwise, if it is not repaid for a long time, there will be a certain penalty interest, and the repayment pressure of the borrower will also increase. However, when the sum of interest and principal of the policy loan is equal to the cash value of the policy, the cash value will be deducted, but the policy is invalid at this time.

If the borrower is still unable to repay the loan and loan interest at the expiration of the loan term, the owed policy loan and accumulated loan interest constitute a new policy loan, and the interest will be compounded at the latest policy loan interest rate every six months.

In addition, if the policy loan has not been repaid, personal credit may also be tainted, and the consequences are still very serious.

I want to ask if the policy loan can be renewed when it expires.

Whether the policy loan can be renewed at maturity depends on the regulations of the insurance company or the lending bank. Now many insurance companies and banks can renew their loans automatically, such as Pacific Insurance, China Life Insurance and Taiping Life Insurance. However, the premise of loan renewal at maturity is generally that only policies with cash value can be carried out, such as life insurance, endowment insurance, savings endowment insurance, dividend insurance, etc., so the possibility of loan renewal is great.

Generally, the longest credit period is not more than 5 years, the longest loan period under a single loan or credit line is not more than 3 years, and the longest insurance policy is not more than 6 months. Therefore, insurance policies are generally only suitable for short-term, not for high-risk investments such as stocks.