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Policy loan is a loan obtained from an insurance company with the cash value of life insurance policy as the guarantee. The one-time loanable amount of such loans 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.
The so-called policy loan refers to a loan method in which the insured mortgages the policy he holds to the insurance company and obtains funds according to a certain proportion of the cash value of the policy. Since the customer's insurance protection is not affected in the process of pledge loan, the policy is still valid.
An insurance company loan secured by the cash value of a life insurance policy. The one-time loanable amount of such loans 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.
Although recent insurance policies usually only allow borrowing at interest rates linked to the money market, the interest rate of such loans to policy holders is often lower than the market interest rate.
If the insured fails to repay the loan, the principal and interest of the loan will be deducted from the death compensation in the life insurance policy. Under normal circumstances, policy loans can only be targeted at policies with' cash value'.
Long-term life insurance with saving nature, such as endowment insurance, whole life insurance, endowment insurance, universal insurance and dividend insurance, will have cash value after one year of insurance, and the longer the payment time, the higher the accumulated cash value. These policies can usually be used for policy loans, but the specific situation depends on the specific terms in the insurance contract.
base type
Short-term accident insurance and health insurance, because there is no cash value, or the cash value is very low, such policies can not be used for policy loans. Although cash value is an important factor in evaluating whether a policy can be loaned, it is not only the policy with high cash value that can be loaned. The most typical example is linked insurance.
As an insurance with investment function, investment-linked insurance with a premium of more than 100,000 yuan is not uncommon, and it will soon accumulate considerable cash value. "Although investment-linked insurance has cash value, it is impossible to make a policy loan because the value fluctuates with the price of the investment unit."