Usually you can use a six-month policy loan. Every bank has different requirements. Lenders can call customer service to consult insurance companies. How much you can borrow depends entirely on the cash value of the policy, which is the first condition for using the policy loan. The loanable amount is 80% of the cash value of the policy. After the lender uses the policy loan, it is best not to overdue the repayment, because the overdue interest will automatically enter the loan principal. When the loan principal and interest is equal to the cash value of the policy, the insurance contract will stop being guaranteed.

What are the consequences of the insurance policy in loans overdue?

If the lender uses the policy cash value loan, when the loan is not repaid as scheduled, the insurance company will generally deduct the remaining cash value of the policy until the cash value is deducted, and the guarantee is invalid, but the lender's credit will not be affected; If it is a policy credit loan, the lender should try to repay it in time, otherwise it will have an impact on the lender's credit information. If there is really no money to repay, the lender can apply for loan renewal. Usually, the policy can be loaned for half a year, and it can be extended to 1 year if you apply for renewal.