If all the loans are repaid in advance, the premium can be refunded to the insurance company in advance. After the insurance liability begins, if the applicant requests to surrender the insurance with the consent of the beneficiary, the insurance company will charge the insurance premium corresponding to the actual underwriting period, and the rest will be returned to the applicant. When handling the loan procedures, the borrower needs to pay off all the insurance premiums during the loan period in one lump sum. If the borrower pays off the loan in one lump sum, the individual housing loan purchase insurance contract between the borrower and the insurance company has been fulfilled and terminated early. At this time, the borrower can bring the original insurance policy and the proof of paying off the loan in advance to the insurance company to refund the premium in the advance period on a monthly basis.

Pay off the loan in advance and refund the insurance premium according to the following calculation formula: pay off the loan in advance and refund the insurance premium-the present value of the insurance premium paid when returning in advance-the present value of the insurance premium occupied before returning in advance. This formula may be difficult for readers to understand. The amount of prepayment can be related to the time of prepayment, that is, the earlier prepayment, the more premiums will be refunded, and the later prepayment, the less premiums will be refunded.

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