You can't.
The company behind Prudential Hong Kong is Prudential Hong Kong Company of Britain, which is an insurance company.
The company does not engage in insurance business abroad, and the British Prudential brand only exists in Asian countries and Africa. Prudential Insurance Group is the largest listed life insurance company in the world, which has been operating for more than 160 years and is one of the "too big to fail" companies. Prudential experienced two world wars, the Great Depression, the bursting of the Internet technology bubble in the United States and the global financial crisis in 2008 in the 20th century. No matter how the world changes, Prudential always keeps its promise.
What kind of insurance policy can mortgage the loan?
What kind of insurance policy can mortgage the loan?
Need information
1, original personal identity card (if the applicant and the insured are not the same person, the original identity card of the insured shall be prepared),
2, the original insurance policy,
3. Banks
4. Information provided by insurance companies,
procedure
1. Prepare all the materials required for the loan, including the original personal ID card (if the applicant and the insured are not the same person, the original ID card of the insured should also be prepared), the original insurance policy and the information specified by the bank and insurance company, and apply for the loan at the counter of the life insurance company.
2. The counter staff accepts the application and reviews the information.
3. After approval, the insurance company determines the loan amount and signs a loan contract with the borrower. After the contract is signed, the insurance policy is left to the insurance company as collateral, and the insurance company issues loans.
Policy mortgage loan is a financing method in which the insured directly mortgages the policy to the insurance company and obtains funds according to a certain proportion of the cash value of the policy (excluding dividends). At present, this financing method is being adopted by more and more policyholders. We all choose Huixuan. Buy insurance! Users trust online insurance platform most! According to bankers and insurance professionals, only life insurance policies can be used as policy mortgage loans. This is because pledge is a form of creditor's rights guarantee, and the debtor transfers the possession of his property to the creditor as the guarantee of creditor's rights. When the debtor fails to perform the debt, the creditor can conveniently discount, sell or auction the pledge to realize his creditor's rights. It can be seen that whether the policy can be pledged depends on the exchange value of the pledged goods. At present, life insurance contracts with savings nature, such as life insurance, investment dividend insurance and endowment insurance, have a certain cash value as long as the insured pays more than 1 year. At this time, no matter whether the insurer has an insurance accident or not, no matter whether the policy is valid or not, the accumulated cash value will not be lost, and the insured can ask the insurance company to return the cash value at any time to realize the creditor's right. In the property insurance contract, the insured's claim for insurance money depends on whether the insurance accident occurs or not. If there is no insurance accident, the insured can't get the insurance money. Therefore, the property insurance policy itself has no cash value and cannot be used as a pledge certificate. In addition, the policy mortgage loan is conditional. Some long-term life insurance clauses stipulate that if the insured has paid the insurance premium for more than two years and the insurance period has expired for two years, he can apply with the insurance policy. There are also restrictions on the time and amount of policy loans. It is understood that the policy loan period is short, generally only six months at most, and the loan amount cannot exceed a certain proportion of the cash value of the policy at that time. Every insurance company has different regulations on this ratio. Therefore, experts suggest that it should be carefully considered before making policy loans. Tips for wise choice: I learned from various insurance companies that most insurance companies have started policy business. Under normal circumstances, you can handle insurance contracts and universal life insurance contracts with cash value.
Are insurance policies and mortgages reliable?
Policy is a financing method that the insured directly mortgages the policy to the insurance company and obtains funds according to a certain proportion of the cash value of the policy. If the borrower fails to perform the debt at maturity, the insurance company has the right to terminate the insurance contract when the loan principal and interest accumulate to the cash value of surrender.
Risks existing in the policy:
The insurance policy may affect the investment plan and cash flow of the insurance company, especially in the case of interest rate fluctuation, the lender can get more income by increasing the loan or repaying the loan as soon as possible, but the insurance company can only be forced to accept it, that is, the policy right is essentially an option provided by the insurance company to the policyholder or policyholder. Therefore, the determination of interest rate level is a core issue faced by insurance companies when formulating policy terms. Usually, the interest rate of the policy is higher than the interest rate for calculating the cash value. When the loan interest rate is fixed, the fluctuation of market interest rate affects the loan motivation of the insured to a certain extent, which correspondingly causes the adverse effect that the policy loan locks in the investment funds of the insurance company, which means that the insurance company can reduce the funds available for other investment channels, or even give up high-yield and high-quality investment projects, thus affecting the stability and profitability of the corresponding operations; In addition, handling policy loans also requires certain administrative expenses, which increases operating costs.
Can life insurance policies be used as collateral?
Hello!
Within the cash value of the policy, the insured can apply for a policy loan from the bank cooperating with the insurance company at any time without providing another guarantor. Generally, dividend insurance can lend 90% of the cash value, and life insurance policies with more than 2 years can lend 70% of the cash value.
I hope it helps you!
Can insurance in Hong Kong be mortgaged by banks?
Loan conditions of mortgage loan:
Have a legal status;
Have a stable economic income, have the ability to repay the loan principal and interest, and have no bad credit record;
There is a legal and effective purchase contract;
If the newly purchased house is used as the maximum mortgage, it must have a legal and effective purchase contract, the age of the house is within 10 years, and the down payment of not less than 30% of the total price of the purchased house has been prepared or paid;
If the mortgage loan has been purchased, the original mortgage loan has been repaid for more than one year, the loan balance is less than 60% of the value of the mortgaged house, and the mortgaged house has obtained the property ownership certificate, and the age of the house is within 10 year;
Being able to provide effective guarantee recognized by the loan bank;
Other conditions stipulated by the lending bank.
I just took out an insurance policy in Ping An Easy Loan. Can I still get a mortgage?
If your debt is not high and your income is stable. You can also apply for other loans. Shenyang zhonghui credit and loan
What about the policy mortgage?
The so-called "policy loan" refers to a loan method in which the insured obtains funds according to a certain proportion of the cash value of the policy according to the insurance terms held by him. After applying for a policy loan, if the insured has an insurance accident during the loan period, the applicant can still apply for compensation, and the insurance company will pay the corresponding insurance money after deducting the loan principal and interest.
1. Policy loan requirements: For example, old-age insurance, whole life insurance, education insurance, dividend insurance, old-age insurance, annuity insurance and other policies all have cash value, while short-term accident insurance, one-year health insurance and other policies have no cash value, so the former can apply for policy loans, while the latter cannot apply because they have no cash value. In some cases, it is also impossible to apply for a policy loan for a policy with cash value. As stipulated by Pacific Life Insurance, long-term policies that have entered the payment period, are being settled and frozen by the procuratorate cannot apply for policy loans.
Second, the basic process of policy loans:
1. If the applicant and the insured are the same person, it is the easiest to apply, as long as the applicant brings the corresponding documents to the insurance company.
2. If the applicant and the insured are not the same person and apply for policy loan business for the first time, the applicant must hold the original policy, the original identity certificates of the applicant and the insured, and a valid savings card or passbook opened by the applicant himself, and the applicant and the insured shall jointly go to the insurance company to handle it.
3. If the insured is a minor, the insured does not need to be present, only the applicant needs to bring the insured's valid certificate and relevant guardianship certificate (household registration).
Third, the loan period of a single loan: after applying for policy loan business, the loan funds will generally arrive within three to five working days.
4. Term of policy loan: The term of policy loan is generally 6 months, and most insurance companies carry out interest calculation on a daily basis.
During the loan period, the insured should still pay the premium on time to ensure that the validity of the insurance contract can be maintained during the loan period. If the policy loan expires, the insured cannot repay it in time, and the interest will continue to roll into the principal. When the remaining cash value of the policy is not enough to repay the loan and interest, the insurance contract is automatically terminated.
Can an insurance policy be used as collateral for a mortgage loan?
The policy cannot be mortgaged, but it can be done in an insurance company, that is, the insured directly mortgages the policy to the insurance company and obtains funds according to a certain proportion of the cash value of the policy. If the borrower fails to perform the debt at maturity, the insurance company has the right to terminate the insurance contract when the loan principal and interest accumulate to the cash value of surrender. It should be limited to insurance companies.
Can the insurance policy handle mortgage loans?
1. Not all policies can be loaned. Generally speaking, only life insurance contracts such as life insurance, annuity insurance and dividend insurance with savings nature can apply for policy loans. For most health insurance, short-term accident insurance and medical insurance, there is no loan function because there is no cash value or cash value fluctuation. In addition to not having cash value, some insurance companies also stipulate that if premium exemption, reduction, policy advance, etc. have occurred, they cannot apply for policy loans.
2. Policy loans can only be handled by the insured himself, and cannot be entrusted to others. When handling a policy loan, you must show your identity certificate and insurance contract, and some insurance companies will also ask the insured to sign for confirmation.
3. The conditions for policy mortgage loans are: age 25-55 years old; One of the three items of household registration, work and residence information needs to be loaned locally; Taikang, Xinhua, China Life Insurance and Ping 'an, China, the insured paid the fees normally for more than 3 years, and did not stop paying during the payment period, and there was no change of the insured within 1 year.
4, the basic process of policy mortgage loan:
(1) The borrower submits the loan information and fills in the Application for Personal Maximum Policy Mortgage;
(2) The lender sends the original insurance policy submitted by the borrower to the corresponding insurance company for verification and freezing;
(3) The lender and the borrower sign a mortgage loan contract and a mortgage loan receipt;
(4) Lenders lend money according to the contract.
How deep is the routine of policy loan?
Dr Tong came out:
The policy loan is-
1. policy cash value loan;
2. Policy credit loans;
3. There are also premium financing loans in Hong Kong.
Every one is different.
As for the policy cash value loan, it is suitable for whole life insurance or annuity insurance with higher cash value. I have also introduced one before, on the one hand, it will incite high-value protection, on the other hand, it will revitalize cash flow.
In Hong Kong, premium financing loans are generally carried out through universal life insurance. In the initial stage of insurance, loans are given to banks, and loans and out-of-pocket expenses are used as premiums to insurance companies.
In these two operations, the loan interest is very open and clear. The trickiest thing is that the policy credit loans promoted by some companies in Chinese mainland are attractive at first glance. In fact, last year's loan interest reached 15%!
Listen to my colleague Gabby in detail.
Source | The Great Rapper
When you came into contact with "insurance", did you ever hear such a sales pitch?
Buying insurance for our family is not only guaranteed, but also allows us to borrow 500 thousand at any time!
XX policy can be loaned, approved at any time, with interest as low as 0.8%, unsecured, helping your business turnover!
With this 1 10,000 policy, you can borrow up to 40 times. This is your loyalty reserve fund!
Buying a car and a house, daily turnover, when you are short of money, our insurance policy can save you!
There may be temporary capital demand at ordinary times, especially for business customers, who are most easily attracted by the propaganda that "your policy can be loaned at any time".
The cruel reality is that 95% of customers are confused by vague advertising words, and have beautiful illusions about policy loans, thinking that they are scarce with high leverage, low interest rate and easy approval. Today we will thoroughly deconstruct this misunderstanding.
First of all, insurance can indeed be loaned. But there are two kinds of insurance loans, one is policy mortgage loan and the other is policy credit loan.
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I. Policy mortgage loan
Cash value based on policy
Policy mortgage loans are common in large-value policies, especially large-value whole life insurance and large-value annuities; It needs collateral. This collateral is the "cash value" of our policy. In a professional sense, the cash value is the amount that can be recovered after surrender.
Cash value of policy = insurance premium-operating cost of insurance company-insurance guarantee cost
From an easy-to-understand point of view, the insurance policy is as valuable as the house, which we call the "cash value" of the insurance policy in the industry. When we need money, we can mortgage the cash value of the policy to the insurance company, repay the principal and interest as required, and still get it. If the policy continues to be effective, it will be invalid.
The following are the common rules of policy mortgage.
Understand the rules, let's give two chestnuts.
1 ordinary long-term payment critical illness insurance/life insurance:
Ping X Life Insurance critical illness insurance Ping X Pay, male, 30 years old, pays an annual premium of 13877 yuan, covering 300,000 major diseases.
The customer pays 13877 yuan per year, and the cash value of the policy in the first year is only 728 yuan. If the loan is 80%, it will only cost 582 yuan. Well, why don't you come out for a hot pot and sing a song? In the tenth year, the total premium was 6.5438+0.3 million, and the cash value was 46,000, so the loan was 37,000. ...
Life insurance takes up a lot of guarantee costs in the early stage, so the cash value will not be very high, so you can quickly get hundreds of thousands of policy mortgages by paying critical illness insurance/life insurance for a long time? inexistent ...
2 Short-term payment of whole life insurance/annuity (high current price)
Thai X Life enjoys the lifelong life of a noble family, male, 30 years old, who has paid whole life insurance, with a total amount of 1.8 million and a guaranteed amount of 8 million.
For high net worth people, first of all, this insurance provides 8 million lifetime high security and asset isolation.
At the same time, the premium of 6.5438+0.8 million is equal to the cash value in the fifth year after the policy takes effect, and nearly 6.5438+0.5 million can be lent for business turnover and flexible use, but the policy still plays a role. The maintenance of the value of 8 million yuan and the appreciation of the current price are still going on, and only 4.9% annualized interest is paid 6 125 yuan every month.
Whole life insurance, which is equivalent to 8 million yuan, only uses the low interest rate of 300,000 total premiums, and is also isolated from the existing assets and liabilities, giving full play to leverage.
Therefore, the policy mortgage loan is of little significance to ordinary people. Only in the operation of large insurance policies (large lifetime and large annuity) can we achieve the purpose of high security leverage and flexible turnover, which is valuable.
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Second, the policy of credit loans
Payment based on insurance premium.
Policy credit loan, that is, the kind in the opening advertisement, is generally called policy loan. In fact, it is a kind of credit loan among bank loans.
Credit loan refers to the loan issued by the borrower's reputation, and the borrower does not need to provide guarantee. Its characteristic is that the debtor can get a loan only by his own reputation without providing collateral or third-party guarantee, and the borrower's credit degree is used as repayment guarantee.
As the name implies, credit loans need to assess the borrower's credit level.
As a kind of credit loan, the long-term validity of the policy provides the borrower with the record and ability to pay premiums continuously as proof of its credibility.
Let's look at an example to make it clearer:
This is the most common credit loan product "new loan" of Ping X Bank, and it is said to be the money-making artifact of Ping X Bank. As we can see, as a credit loan, quality import provides five options, namely:
Premium payment and repayment of "insurance policy, mortgage, provident fund loan, social security loan and employee loan".
As long as you meet the above "payment or repayment records", you can prove your credibility and get a loan. Therefore, the insurance policy is only one of the qualification certification conditions for credit loans. Even if you don't have insurance, you can still prove your credibility in four other ways. (and cannot be superimposed)
Moreover, the bank also recognizes the policies of nearly 20 companies, and it is not only one insurance company that can make credit loans, because in essence, no matter where you buy it, as long as you continue to pay the premium, you can prove your credibility.
Having said that, let's look at the details.
A client told me, alas, the monthly interest rate of 6% is not high, and a year is 0.6%X 12=7.2% annualized. Hey, hey, you've been taken in. When you go to consult, the loan salesman will tell you:
"Our monthly interest rate is only 6%-8%, and the loan is 65,438+10,000 yuan. The monthly interest is more than 600 yuan, and the highest is less than 900 yuan? "
But he didn't tell you the most important point: this product claims to be equal principal and interest, but it is returned monthly. Repay the principal in equal amount every month, but the monthly interest is repaid according to the initial loan amount (the principal used every month is decreasing, but the interest is not decreasing).
Therefore, this is not really equal principal and interest, but more like a credit card installment repayment method, which cannot be simply calculated on an annualized basis.
Let's look at the real situation: suppose Xiao Gai borrows 654.38+10,000 yuan for three years, with a monthly interest rate of 6%:
The interest returned every month is 1000000.6%=600 yuan.
The principal returned every month is 100000/36=2778 yuan.
Take this as an example:
The first month's principal 100000 yuan, the principal is 2778 yuan, and the interest is 600 yuan.
The principal of the second month is 97,222 yuan (65,438+10,000-2,778x1), with interest of 600 yuan.
.....
In 65438+ February, the principal is 6944 1 yuan (65438+million -2778X 1 1), the interest is 600 yuan, and the effective monthly interest rate is 0.8%.
In the 24th month, the principal is 36 106 yuan (65438+ ten thousand -2778 x23), and the interest is 600 yuan. Effective monthly interest rate = 65,438+0.6%.
.....
In the 36th month, the principal is 2770 yuan (65438+ million -2778X35) and the interest is 600 yuan. The actual monthly interest rate is 2 1%.
In other words, the money owed to the bank decreases with each repayment, but the interest on monthly repayment remains unchanged. Based on this calculation, in the last 36 months, the principal is only 2770 yuan, but the interest has to be paid back to 600 yuan, and the annualized interest rate is as high as 252%!
For the actual annualized interest rate of loans with equal monthly principal and interest and equal monthly repayment, besides pulling IRR in the computer, we also have a simplified calculation formula:
Actual annualized interest rate = single-period handling fee rate x number of periods X24/ (number of periods 1)
Applied to this example, it is 0.6% x36x24/(361) =14.01%.
There is a simpler and rougher formula that can be used for quick calculation:
Real interest rate = nominal annual interest rate X2- 1
Namely: 7.2X2- 1≈ 13.4%
No matter which formula or various calculators are used, we can know:
Equal principal and interest, monthly repayment, such a credit loan, the essence of interest is actually the credit card installment, and the monthly interest is actually a single-period handling fee.
You owe the bank 654.38 million yuan in the first month alone. After you repay the money on time every month, the money you owe to the bank is decreasing. By the end of the month, I only owed the bank 2770 yuan, but the monthly interest was still calculated according to 65438+ 10,000 yuan. The actual annualized interest rate calculated in this way is much higher than the nominal annual interest rate, generally as high as 15%, which is very easy to be deceived.
Moreover, the policy credit belt itself also has audit and restrictions on credit reporting, total loan amount and types of insurance. The loan amount is generally 20 times of the annual premium. Pay attention to the premium, premium, premium and annual premium.
It's not how much you insured in this insurance!
Therefore, in many cases, the "policy loan" in the sales mouth is actually a bank credit loan, which is a kind of product with the highest interest rate among bank loans and needs to be audited for "credit qualification".
I thought I bought insurance and enjoyed the right of low-interest loans, but I didn't know that this credit loan was not a value-added service brought by insurance at all, and it was not low-interest, and it could even be called.
Because at present, the country has a total ceiling of * * * 1 10,000 for personal consumption credit loans to banks, and even more horrible salesmen will introduce you to small lending institutions, third parties and P2P platforms for loans, and even more deceived.
Most importantly, some salesmen who clamor for policy loans simply don't understand themselves.
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abstract
Don't stand still.
1. The policy can indeed be loaned, but it is divided into mortgage loan and credit loan;
2. Policy mortgage loan is suitable for customers who purchase large annuity/life insurance or have long-term insurance policies. All they can lend is their own money, with low interest rate and low liquidity and functionality;
3. Policy-based credit loans are essentially credit loans, and there are restrictions on the types of insurance. They are only applicable to long-term life insurance policies that have expired and are still in the payment period. The loan amount is 20-40 times of the annual premium, and the annualized interest rate is generally above 15%, which is very high.
4. In Hong Kong, the United States and other mature insurance markets, there is also a policy financing game for large insurance policies. You can use the insurance policy to borrow money from the bank, obtain bank financing (low interest rate of 2-3%) and then invest in the premium, earn the spread between the policy income (5-6%) and the bank borrowing rate, and enlarge the leverage to obtain greater income or protection. I will write this in detail when I have the opportunity in the future, and several of my clients have already practiced it.
The most important thing to buy insurance is security, health and financial security, and risk management tools. Don't choose sesame and lose watermelon because of the hyped value-added service. If there are wrong expectations and lead to wrong decisions, it will not be worth the loss.
I also hope that some marketers can learn more when they get customers with policy loans. The continuous trust and support of customers is our way of survival, and every real need can be met, which is the sustainable interaction. The road ahead is still long, self-interest leads to life, and altruism leads to long.