Insurance Premium Not Paid

Warganet  – You probably know what “premium” is and have working knowledge about the concept of “fund”. But what is “premium financing”? When do you need it? What is this for?

With premium funds, you can buy life by removing bank loans – Save Value and Monetary Value

Insurance Premium Not Paid

S Bank loans are used to pay some premiums, and usually your newly obtained life insurance policy is defined as a valuable book. However, different banks support different arrangements.

Managing Premium Payments

Premium financing requirements depend on the insurance company and the bank. Some banks have approved loan applications, which range from hundreds of thousands to millions in Hong Kong. Therefore, the concept of premium funds may be one of the useful tools for middle class people or a higher net value.

Three countries participated in a premium financing agreement: policy holders, insurance companies and credit banks:

Life Insurance Police is a product signed by insurance companies, and premium financing is a loan service provided by banks. Insurance companies will not provide premium funding services themselves; however, certain conditions and provisions of this policy may allow some insurance companies with working relationships with banks to consider accepting insurance premiums for their clients’ life insurance.

Whether policy rights can be transferred to the lending bank depends on the conditions, conditions and the advantage of the policy that govern such transfers to the bank. Insurers may require policy holders to obtain written agreements in respect of any such agreements regarding the policy beneficiary of the policy in whole before transferring the policy rights as security rights.

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As life insurance policies that provide value and monetary value, they usually include annual dividends and transmission values, which some banks regard as safe value. In a relatively low market environment, interest costs

Bank loans will be more nutritious and attractive. For customers who are able to handle interest payments, lower interest rates will often become the primary motivation for using their insurance policies as the security of the premium financing model.

Advanced financing provides greater flexibility in paying premiums. As a policy holder, you will be able to maintain better cash flow, minimizing the need to eliminate assets to fund premium payments.

Use premium funds to pay premium payments and you can issue your own cash reserves. This way, you can transfer the excess cash to other applications, such as making a business investment or paying for your child’s education.

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The interest rates on premium financing loans are not fixed and may increase or decrease due to market changes. The significant increase in this interest rate will be accompanied by the corresponding increase in interest rates you have to pay. If the interest rate on the loan exceeds the policy rate, the overall policy return rate may suffer or even be cancelled.

In premium financing model, you actually agree to transfer policy rights to a credit bank, which will have a significant impact on your rights as the original holder of the policy. Whether you or the bank have priority access to the insurer’s policy value or to obtain death benefits in the event of the insured’s death, this will largely depend on the amount of the unpaid loan balance. When the loan director exceeds a certain percentage of the policy value, the bank can request a portion of the loan to be repaid in advance to reduce the balance sheet ratio of the major loans. If you cannot do this, the bank has the right to communicate your policy and use the value of the transmission to arrange your loan balance. In this case, you will lose reporting and other rights under politics. Some banks may also ask you for additional security.

Premium funds are not suitable for everyone. Whether you want to provide adequate protection for your family or use policies as an inheritance planning tool, purchasing insurance through premiums can provide additional liquidity for your funds and help you realize the goals of protection and wealth. But this also includes borrowing, interest payments, loss of rights under the policy and other risks. So, before you decide to apply for premium financing, make sure you evaluate your financial needs and meet market conditions to ensure that this will bring you the benefits it provides.

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This article provides only general information and a brief summary and is the subject of policy conditions for different types of insurance plans. You should not rely on this article to make a decision. This article does not represent any legal advice or some form of advice. Everyone’s personal situation may be different. HSBC Life (International) Limited (“HSBC Life”) shall not be liable for any person (directly or indirectly) losses, damages or costs (directly or indirectly) arising from this article. HSBC Life has no obligation to provide updates to the content of this article.

The information contained in this article is for general reference only and is not intended to be the advice or advice of everyone, nor is it the basis for any financial decision. No one should take any action based on any information in the article without seeking professional advice.

The information contained herein does not constitute an offer to purchase or sell any bank or insurance products or services. Products and services are subject to individual needs. Please contact your financial planner to see your financial needs and risk acceptance. This article should not be reproduced or further transmitted to any person or entity, whether for whole or in part.

HSBC Life (International) Co., Ltd. (“HSBC Life”) creates information obtained from sources it considers reliable but not independently inspected. HSBC Life or Hong Kong and Shanghai Banking Corporation Limited (“HSBC”) makes no warranties, representations or warranties and assumes no liability or liability for its accuracy or completeness. The information in this article is subject to change without notice.

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HSBC Life is authorized and regulated by insurance agencies to conduct long-term insurance business in Hong Kong SAR. HSBC’s life span includes limited liability Bermuda and is one of the subsidiaries of HSBC Group Insurance. The insurance products provided by HSBC Life are only for sale through HSBC Bank in Hong Kong SAR. Police holders will be subject to credit risk to HSBC’s life. For monetary disputes arising between HSBC, and you are selling or handling related transactions, HSBC will conclude the process of resolving financial disputes with you; however, any disputes regarding the contract must be held at HSBC Bank It is directly and directly resolved with you. For more information and information on HSBC Life Products, please visit the insurance page on the HSBC Bank website or visit our affiliates.

Since April 2021, all information in this article has been published by HSBC Living (International) Limited (including in Bermuds with limited liability), and the adjusted premium is the premium of the insurance policy, which is not kept unlimited at a fixed price. time of period. Instead, throughout the policy life, percentages can be moved according to the needs of the insurer. Life insurance policies calculate corrections through the cost associated with obtaining insurance policies.

The adjusted premium equals the net level and corrections to reflect costs associated with the initial cost gained in the first year. This method of changing premiums is different from adjustable life insurance products. Adjustable lifespan is a lifelong hybrid insurance that allows policy holders to change policy characteristics. Corrected premiums are usually found in selected lifetime policies where necessary premium payments may be reduced early and then increased in the shorter years before upgrading.

Whether you have chosen a comprehensive insurance policy that allows adjustments to premiums will depend on your specific situation, the coverage required, and other details.

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Corrected premiums are essential for calculating life insurance companies because this is the premium used to determine the minimum value of a policy transfer (CSV), a process called Premium adjusted method. As provided without mentioning the shape, all life insurance polishes are necessary for calculating CSV, meaning that even if the policyholder chooses not to serve its original purpose, i.e. death, it means that life insurance policies are always valuable.

CSV is the amount of money the insurer decides to terminate the policy or “cash” as soon as possible. The insured has the right to choose other options for the provision, including loans that violate the policy and the use of monetary value as collateral.

If the insurer stipulates that it will be forced to pay more money than expected with an adjustable bonus,