One loan from the same insurance company can be repaid, and the other loan can be refinanced. Policy loans can be repeated. When the borrower applies for a policy loan again, the lending institution will conduct a second audit according to the first loan application and repayment. If the borrower is overdue in the previous repayment process, the lending institution will stop lending.
Article analysis: Can the policy be loaned twice?
Policy loan, as its name implies, refers to a form in which the insured mortgages the policy to obtain loan funds, which is slightly less than the common loan form. Many borrowers don't know much about policy loans. Can the policy loan be a second loan? Let's learn about policy loans!
Can the policy loan be a second loan?
The loan clause is one of the commonly used clauses in life insurance, and it is optional. Under normal circumstances, policy loans can only be used after the insurance contract takes effect for a certain period of time, usually 1 to 2 years. At this point, the insured or the insured can mortgage the policy to make a loan.
Policy loans can only provide short-term loans to borrowers. If the borrower needs more loans, he can apply for a bank loan at this time, and the bank loan amount is relatively high. You can choose mortgage loan or credit loan when handling. However, it may take a long time to get a loan.
You can only apply for a loan business once if the policy loan is not paid off.
If the user wants to apply for a policy loan again, he needs to pay off the current policy loan. A policy loan is an amount based on the cash value of the policy, generally up to 80% of the cash value. In the case of not paying off, the policy has no extra quota to support refinancing.
The loanable amount of a policy loan is generally 70% or 80% of the cash value. Although the regulations of different insurance companies are different, there is not much difference between major insurance companies because the specifications of policy loans are formulated by the China Insurance Regulatory Commission.
The above is the sharing of the related content of "Can the policy loan be a second loan?". I hope I can help you!
How many times can I borrow a policy loan?
There is no limit to the number of policy loans. As long as the borrower repays the arrears in time, he can continue to use the policy to make loans. Policy loans have nothing to do with the amount of loans, but with the cash value of the policy. The policy loan amount does not exceed 80% of the cash value of the policy, and the policy loan period is short. The policyholder uses the policy loan, and the insurance company takes the borrower's policy as collateral. When the borrower returns the arrears to the insurance company, the insurance company will return the insurance policy.
The insurance policy is called "insurance policy" for short. Written proof that the insurer and the applicant have signed an insurance contract. The main contents of the insurance policy include:
(1) Description of the subject matter insured by both parties, including the name of the insured, the name of the subject matter insured and its storage location or status, the insured amount, the insurance period and the insurance premium.
(2) The rights and obligations of both parties, such as taking responsibility and not taking responsibility.
(3) Attention conditions refer to the insurance clauses or other conditions agreed by both parties, as well as the change, transfer and cancellation of the policy. Insurance policy is the main form of signing insurance contracts. In order to simplify the form, it can also take the form of prepaid insurance policy, insurance certificate or temporary insurance policy with legal effect.
The insurance policy must clearly and completely record the rights and obligations of both parties. The insurance policy mainly states the names of the insurer and the insured, the subject matter insured, the insured amount, the insurance premium, the insurance period, the scope of liability for compensation or payment and other specified matters. According to the applicant's application, the insurance policy is signed by the insurer and handed over to the insured. Insurance policy is the main evidence for the insured to claim compensation from the insurer when he suffers losses due to an accident, and it is also the basis for the insurer to collect insurance premiums. The main contents of the insurance policy include:
Declared items
That is, the important information provided by the applicant is listed in the insurance contract as the basis for the insurer to underwrite. Such as the name and address of the insured, the name and location of the subject matter insured, the insured amount, the insurance period, the amount of insurance premium paid, and the guarantee or commitment made by the insured on relevant risks.
Insurance affairs
That is, the insurance liability that the insurer should bear.
Excluded items: If the service items received are caused by diseases or injuries that have existed before the insurance.
That is, the insurer's liability is appropriately modified or limited, and the insurer is not liable for the losses caused by the excluded risks.
Conditional substance
That is, the obligations that the parties to a contract need to perform in order to enjoy their rights, such as the liability of the insured after the accident, the limitation of applying for compensation, the exercise of subrogation, the change, transfer and cancellation of the policy content, and the choice of compensation.
Any other business
Such as dispute settlement clauses and prescriptive clauses.
Can the same insurance company get a loan twice?
Of course.
There is no limit on the number of policy loans. It lends money according to your insurance amount.
Policy loan is a loan obtained from an insurance company with the cash value of life insurance policy as the guarantee. The one-time loan amount of this kind of loan depends on the effective year of the policy, the age of the insured and the amount of compensation for death when the policy is issued.
How many times can I borrow China life insurance?
There is no limit on the number of times you can borrow from China life insurance policy. A policy can only apply for one loan, and it must be settled before it can be applied again. The loan amount of each policy cannot exceed 80% of the cash value, and the loan period cannot exceed 6 months.
China Life Insurance (Group) Company (hereinafter referred to as China Life Insurance) is a central financial enterprise and a state-owned super-large financial insurance enterprise company; Headquartered in Beijing, it is one of the top 500 enterprises in the world, one of the top 500 Chinese brands, and a state-owned vice-ministerial central enterprise. The company's predecessor was the former China People's Insurance Company, which was established in 1949. In 1996, it was divided into PICC Life Insurance Co., Ltd., and changed its name to China Life Insurance Company in 1999. In 2003, with the approval of the State Council and the former China Insurance Regulatory Commission, the former China Life Insurance Company was reorganized into China Life Insurance (Group) Company.
China Life Insurance (Group) Company and its subsidiaries constitute the largest state-owned financial insurance group in China, and are also important institutional investors in China capital market. The business scope covers life insurance, property insurance, enterprise and occupational annuities, banks, funds, asset management, wealth management, industrial investment, overseas business and other fields.
China Life Insurance (Group) Co., Ltd. adheres to the core concept of corporate culture of "be yourself and be an adult", follows the corporate purpose of "honesty-based and steady operation", adheres to the corporate spirit of "innovation, hard work, pragmatism and dedication", takes "share weal and woe with customers" as its corporate value, and strives to build a leading position in China with the spirit of "advancing with the times and pursuing Excellence".
China Life has deeply studied the differentiated needs of different industries, regions, channels and customer groups for risk protection and financial management, deeply focused on the personalized and diversified needs of customers for product innovation, and explored ways to meet the needs of risk prevention, health care, pension, children's education and family financial management. At all stages of life, it brings customers a brand-new consumption experience.
How many times can a policy loan be renewed?
Policy loans can be extended several times, depending on the actual situation:
1. If it is a policy loan with cash value, the number of loans is generally not limited. As long as the policy has cash value, you can borrow money, and you can repay interest first and then the principal. Generally, interest is paid once every six months, and a loan cycle is four times. If you need to borrow money in the future, you can continue to borrow money with cash value. For example, if an insurance policy has a cash value of 50,000 yuan and the first loan is 5,000 yuan, then the second loan can be 5,000 yuan and the third loan can be continued. However, if the policy has no cash value, you can't borrow any more.
2. If it is a policy credit loan, the number of loans is limited. For example, if a loan is made once, but there is no repayment, subsequent loans can no longer be loaned.
This is enough for the introduction of whether the policy can repeat the loan.