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!

Second, can Ping An policy be loaned twice? How much can I borrow for a second loan?

Policy loan process:

1. Apply for a loan from a lending institution, including the original personal identity card (if the applicant and the insured are not the same person, the original identity card of the insured should be prepared) and the information provided by the insurance company;

2, the lending institution staff to accept the application, and

3. After approval, the banking institution determines the loan amount and signs a loan contract with the borrower. After the contract is signed, the insurance policy will be left to the lending institution as collateral to issue loans;

4. The borrower shall repay the loan principal and interest as stipulated in the contract.

3. How much can I borrow by paying Ping An Fu policy twice a year and once a month?

Ping An Fu is life-long health insurance. In short, we will pay for the disease. After the payment, the sickness insurance contract of the additional insurance will be terminated, but the basic insurance amount of the main insurance will also be lowered. If you have never been sick in your life, you will not get your money back. After your death, you will pay the death insurance according to the coverage of the basic insurance for major diseases. To sum up, that is to say, you can't withdraw this insurance in advance before your death. If it is a policy loan after withdrawal, it is not cost-effective to pay interest. After your death, your insurance money will be paid to your beneficiary according to the insurance money for the death of a major illness. Besides, surrender is even more uneconomical for you. Look at your policy benefit presentation, and you will know what the cash value is.

It can also be said that this is not a dividend-paying type, and it will not be used before death. After death, it will be given to your beneficiary according to a major illness.

4. What is the amount of the second loan in the policy?

Whether the policy can be used for a second loan depends on the actual situation. Policy loans are divided into policy credit loans and policy cash value loans. If it is a policy credit loan, the lender will generally be required to pay off the last loan before making a second loan, otherwise the second loan cannot be made. If it is a policy cash value loan, it is generally not affected by the number of times. It can be a second loan or a third loan.

Policy cash value loans can generally reach 70% to 80% of the policy cash value, and not all policies can be loaned. Only life insurance and dividend insurance with savings nature can provide policy loan liability.