Although the loan method of policy is convenient and efficient, not all policies can be used to pledge loans. Different insurance products have different ways to calculate their cash value, and the loan is only for the insured himself.

Among the insurance policies, only life insurance policies can be used as policy loans.

Life insurance contracts of savings nature, such as life insurance, investment dividend insurance and endowment insurance, have certain cash value as long as the premium paid by the insured exceeds 1 year.

No matter whether the insurer has an insurance accident or not, no matter whether the policy remains valid or not, the accumulated cash value will not be lost. The applicant can ask the insurance company to return the cash value at any time to realize the creditor's right.

How to determine the insurance loan amount

Under normal circumstances, the amount of the policy loan will not exceed 80% of the cash value of the policy, and the cash value of the policy is related to the specific types of insurance, the insurance premium paid and the insurance period. If the accumulated premium is more and the insurance period is longer, the amount of the policy loan will be higher.

The loan amount of the insurance policy is divided into the following situations:

1. Before all the premiums are paid, you can borrow 70%-80% of the paid premiums. ;

2. If all premiums are paid, the loan amount is 70%-80% of the insured amount of the current year (note: this insurance amount will increase with the policy loan, not the insurance amount at the time of initial insurance);

If the universal account has money, you can withdraw the money from this account at any time.

How to borrow an insurance policy?

(1) The applicant applies for a policy loan, holds a valid legal identity certificate and provides a copy.

(2) The applicant provides a written commitment to agree to the loan.

(3) The insured has not defaulted on the insurance premium, that is, the insurance premium has been paid in one lump sum and the latest insurance premium has been paid in installments.

Usually, it only takes 3 to 6 working days for the loan amount to arrive.

How to get a loan with a policy? How much do you know about policy loans)

Problems needing attention in policy loans

1. During the loan period of the policy, if the policy has survival payment and guarantee refund, the system will automatically repay all or part of the loan;

2. If there are reasonable claims during the loan period, the claims will be used to repay the loan first, and the claims department will inform the security officer to use the claims to repay all or part of the loan. The repayment time shall be subject to the time when the adjuster registers the claim.

When the claimant issues a claim decision, the repayment details will be reflected in the notice of claim decision.

3. The repayment order is unpaid interest, settled interest and principal, and the loan is repaid first.

Insurance policy loan case

Ms. Zhu bought an old-age insurance in Ping 'an, China eight years ago, and paid all the premiums payable every year.

However, the weather is unpredictable. My daughter was hospitalized due to illness a few months ago and has spent all her savings at home. Now she is about to have her last operation, but the cost of the operation is not enough. Originally, I wanted to return my old-age insurance that I had invested for many years. Later, the staff of Ping An in China told her that if I just needed money urgently, I could apply for a policy loan from Ping An in China. After handling the China Ping An policy loan, Ms. Wang was filled with emotion. It is her happiest thing that her daughter can finally finish the last operation.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.