There are still some misunderstandings about applying for policy loans. It is wrong to understand that the applicant for the policy loan must be the beneficiary of the insured. The laws related to policy loans clearly stipulate that only the insured can apply for policy loans as applicants for policy loans, so the beneficiaries have no right to apply for policy loans. However, when applying for a policy loan, the insured should not only provide personal identity information, but also provide beneficiary identity information as the basis for the review of the policy loan. At the same time, policy loans will also review personal credit information during the review process, so personal credit information is also a prerequisite for the success of loan review.

Policy loans are secured by the cash value of life insurance, and loans are obtained from insurance companies. Life insurance policies must be savings life insurance, dividend insurance, pension insurance, annuity insurance, etc. Cash value refers to the value of the policy after all expenses are removed.

When the insurance contract is signed, the insured has a hesitation period of 10 days. If the insured surrenders within the hesitation period, the insurance company will deduct the labor cost of making the insurance contract and return the remaining premium to the insured. If the insured refunds after 10, the insurance company will deduct a lot of expenses from the insured.

The insurance company will deduct the commission of the insurance product, the actual operating expenses of the insurance company, the production cost, the cost of the effective days of the insurance, etc. The commission of insurance products is between 25% and 50%. After the applicant's hesitation period, there is little cash value left in the policy.

Since the policy loan amount cannot exceed 80% of the cash value of the policy, the policy loan amount is even lower. The use of policy loans can not solve the problem of weekly accuracy of funds. Unless the insured pays the premium for a long time, the amount of policy loans is really not high.

If the insured needs a loan, he can apply for a loan at the relevant local bank. The bank's mortgage loan amount is very high, so as long as the insured meets the loan conditions, they can borrow.