Category: Insurance tips Release Date: 2006-08-01
With dividends and long-term low-risk insurance and other insurance products into a growing number of families, these policies are also additional security for loans has become increasingly prominent feature of its revitalized the role of short-term cash flow as individuals and families to choose from a flexible financial instruments one.
Currently on the market you can buy life insurance, some provisions of the policy set up "policy pledge" made a clear policy holders need cash, they can apply under this provision to insurance companies as security for loans.
Compared with the general personal loans, life insurance policy loans, there are two special requirements: First, the borrower to apply for life insurance policy loans, it must be insured with the co-presence and sign an "assignment policy interests," agreed to the policy the right to pledge to the bank; second loan application is approved, signed with the Bank, "loan contract", the borrower has been insured and the beneficiary must be present and in the "loan contract" to sign it. The policy itself must have a cash value. Life insurance contracts are divided into two categories: one category is the cost of medical insurance and accident insurance contracts, such contracts constitute a loss of compensatory contracts, and property insurance contracts, like not as a collateral matter;
The other is a function of pension savings, insurance, investment-type insurance and annuity dividend insurance life insurance contracts, such contracts as long as the insured to pay premiums in excess of one year, life insurance alone has a certain cash value, policy holders may at any time request the return of some of the cash value of insurance companies in order to achieve debt, such policies can be used as collateral material.
Policy loans, is the policy owners to pledge the policy as a material, according to a certain percentage of the policy cash value as a short-term capital financing.
At present, there are two cases:
First, the policy directly to the insured mortgage to the insurance companies to obtain loans directly from the insurance company, if the borrower is unable to perform due debt, principal and interest when the loan amount to surrender, the insurance company to terminate the effectiveness of its insurance contracts;
The other is the policy the insured mortgage to the bank, payment of loans by banks on borrowers, can not be due if the borrower defaults, the bank can virtue of insurance policies by insurance companies pursuant to a contract to repay the loan principal and interest.
At present, policy loans, of short duration, generally no more than 6 months, the maximum loan amount is usually a certain percentage of the policy cash value, the ratio of the various insurance companies have different requirements, generally between 70% -80% ; banks are more relaxed, generally up to 90%. Loan must be promptly after the expiration of the return, once the loan principal and interest than the policy cash value, the policy will be permanently disabled.
Insiders believe that, strictly speaking, the policy pledge business has broken through the threshold of separate operation, after all, loans and insurance is different, and for insurers, the policy pledge demand mainly from customer service needs, is also the insurance companies to expand their business scope, the participating banks to credit a good attempt.
Bank policy pledge, to sign a strategic cooperation agreement with the insurance company, the insurance company to help identify the policy's cash value, since we pay and the period of the policy to pay two kinds of wholesale, wholesale premiums paid lump-sum payment, insurance policies are generally large places more appropriate for the pledge loans; while the first pay period of the premium in 2012 may have only one or two thousand dollars, banks can not determine from the policy itself, its cash value, so the policy pledge of "season" should be subject to the banking and The Co-operative Insurance e-degree increase.
In the long run, people's insurance awareness is increasing, banks have found almost zero risk of high-quality loans, of course, involved in insurance, the bank also increased the enthusiasm, the kinds of bank-insurance cooperation is an inevitable trend.
Tips Life Insurance Policy for borrowers pledge steps:
Step one: the borrower to submit loan information, fill in the maximum personal pledge policy application;
Step two: the lender the borrower submitted the original sent to the appropriate insurance policy to verify the freeze.
The third step: the lender and the borrower sign a contract as security for loans, pledge loans IOU; fourth step: the lender, according to the contract loans. Insurance premiums that have occurred since the pad (outstanding), the premium of the insurance policy can not be exempted from the policy as security for loans. Pledged Loan Xudai in the application, may apply for the policy limit Xudai Xudai occurs prior to the loan amount can not be increased on this basis, the amount of loans.
