Our company was founded in 1999. It offers life insurance policy holders a policy purchase since its founding. Since 2006, a policy loan is possible. In 2009, the benefits were extended, so that unit-linked life and annuity insurance is also possible. British policies are also borrowed, such as Standard Life, Canada Life and Clerical Medical. Since then, customers receive money quickly even without proof of income. They can choose between an amount of 5,000 to 250,000 euros. Another plus: the payout will take place in full. Fees and other costs are not deducted here.
But what else is behind the offer of cash-life? Our cash-life test reveals it!
We have gathered all the important information about policy loans. You can get an initial overview of this alternative credit option here.
Loan offer: A loan for life insurance
Our policy loan applies to life insurance in particular. Here, fund-linked products differ from capital-forming life insurance policies. Likewise, pension insurance can be served. In the foreground, however, is the life insurance. There are different conditions for the minimum surrender value for our policy loans. A customer can thus separate from an insurance.
The policy can be loaned so that a customer has a short time after the conclusion of the contract for a previously agreed amount. Good experiences with our show that the application process proves to be simple and customers usually do not have to provide detailed information about themselves. This means that salary and credit checks for those interested in some of the loan options are not necessary.
According to the our experience report, customers even receive partly more favorable conditions than is possible with the individual insurer. In addition, the terms prove to be cheaper than is the case with ordinary loans. our policy loans write about themselves that they offer different models of life insurance lending. However, these models are not explained on the website. A basic model for a our policy loan is explained, which is explained in a compact and understandable way.
Our policy loan applies to life insurance. These can be capital-linked or unit-linked. Customers learn about a calculator, which amounts and interest arise. The provider offers a hotline, if customers have questions, but no in-depth information for customers who like to look like about terms and conditions.
The application for the sale can be easily completed online and sent.
Conditions: Attractive our policy loan experience
Our policy loan test suggests that the conditions for our policy loans offered are good. Fundamental differences exist for annuity insurance and for life insurance. Up to 100 percent of a surrender value can be borrowed. our policy loan experience also shows that there are as many as 60 percent for unit-linked insurance.
The our test report promises favorable conditions. Different variants of the loan are possible. For example, no examination of a person is performed before. For the customer, an annual percentage rate of 3.99 percent is possible. The percentage is fixed for full term. our policy loans Experience shows that between one and ten years fixed interest rates are possible. Amounts of 5,000 euros can be borrowed. Co-financing of loan interest is optionally possible.
A repayment for a our policy loan is possible at any time or at the end of the term. For capital-forming insurances, a minimum surrender value of 5,000 euros applies and in contrast, a minimum surrender value for unit-linked insurances of 10,000 euros applies. For the net loan amounts apply a minimum amount of 5,000 euros and a maximum amount of 250,000 euros. According our experience report, there are actually no processing costs. According to the test, the customer has an APR of 3.99 to 4.50 per cent and a fixed interest rate of 3.92 to 4.41 per cent.
Our policy loan offers a loan within the scope of a specific interest rate, which can be previously calculated by an interest calculator. There is a fixed percentage during the term. Periods between one year and between ten years are possible. The insurance remains in effect for the period.
Flexibility in granting / changing loans: Little flexibility in the our test
our policy loan offers little flexibility for the customer. For a customer agrees according to our test report once an amount that has been previously determined via a loan calculator by the customer, for example. A change during the term is not planned. However, such a question can be asked again by a customer to the provider. There are too few informations about our policy loan. At our policy loan is at no point explained, because possibly a second amount can be borrowed. The provider is not prepared for special cases or to change requests very informative. A hotline proves helpful.
our policy loan test shows that the platform can initially be intuitively operated within the framework of the customer’s use and is also modern. There is competent support if there are questions. Customers are served in German and also fast. The test report shows that even questions are dealt with well in advance. If a customer wants to see the terms and conditions, for example, a customer usually receives them on request. Experience with our shows that questions of flexibility can be clarified.
our policy loan is actually not sufficiently transparent. It is clearly shown how a customer completes the process and which conditions apply in which form. However, there is no information about this. Customers should ideally ask the hotline beforehand.
The amount of the payout is decided on the basis of the detailed data for the policy.
Requirements for Applicants: Optional no information
There is no information for most products or products in general. These conditions apply in some cases, but they are not clear. Unfortunately, the provider does not have any terms and conditions, so a customer can not familiarize himself with this. our policy loan should be fund-linked or capital-building for customers basically without too much information possible. Good our experiences show, as also the magazine Orkamagzine proves, that it is a good service. The test should be right so that customers would not have to provide information contrary to our policy loan experience. our policy loan generally appears to offer a reliable performance that does not hid an applicant hidden. Thus, a customer could receive a loan for his wishes or needs, even without this information from the credit inquiry or a request to the Private credit receives.
our policy loan is mostly possible for the customer without any information. It is not specified exactly for which contracts this applies. The offerer does not lead any AGB, in which exact details are made.
Additional services: No additional services
The provider is a broker who works with a license under § 34c GewO. As part of the benefits, there are apparently no special insurance or collateral deposits, in the event that a customer wants to hedge before. In the worst case scenario, a customer might have to worry about the provider claiming the entire amount or other cases.
our policy loan does not have the necessary terms and conditions that inform the customer about a type of protection for the policy itself. The customer is still insured according to the provider. Obviously there are no other products for our policy loans that complement this offer. It is not always clear how many freedoms exist under a contract.
For our policy loans, there are no additional benefits that could be added to this loan. However, there is a hotline that can answer this question even more precisely for those interested.
Website & Credit Calculator: Many needed information is missing
A loan calculator can already be seen on the start page above. There is a minimum amount that is stated. The customer can keep this amount or enter another amount. It does not seem clear at first which conditions the insurance has to fulfill. It is not mentioned if there has to be a certain duration already and if a customer has to insure a certain amount for his performance. In this respect, it is not said to which insurance is exactly complete a loan.
Customers are used to the fact that all conceivable offerers lead such business conditions. At a minimum, these formulations help to guide the use of such a product. The information given on the website informs the interested party that the product is to be used for capital-forming and unit-linked life insurance. It is called a debit interest and an annual percentage rate. These interest rates are firm according to the provider and promise a loan, the interest does not grow excessively fast. Optionally, interest rates are also included in the loan.
According to the description, the application is clear. The process turns out to be easy. Interested parties enter a desired amount into the calculator for a our policy loan, then fill in the loan document and receive a desired amount after a short processing of the documents. Further information on the products and the procedure are given on the right side of the product page. our policy loan appears initially as well transparent. Nevertheless, questions might arise. Such questions must, however, be clarified by a support. This support would have to be contacted before.
It is not clear if there are conditions for this insurance. It is possible to lend to unit-linked and capital-forming policies. However, more information is not given. A hotline can be asked. Nevertheless, uncertainties also arise for the customer.
Regulation & Safety: No information is provided
It concerns concretely a broker, who forms the offer by means of a permission according to the § 34c GewO. The AG offers the customer services that define the AG right. The AG right to joint stock companies explains some details and provides information for the customer. If the stocks become worthless, this could also be a consequence for the client. Collateral on insurance or special security mechanisms, however, are not given or named.
For what happens if a customer does not receive any benefits for his insurance or if the provider suddenly becomes insolvent. It could happen that a customer of this provider then gets into a payment obligation.
Therefore, the ECB and the BaFin would have to be the institutions which also constitute a supervisory body for the borrower. Every citizen may grant a loan. However, there are certainly more legislation for a loan of this size. The vendor does not specify which instances make a control function. In addition, the provider has no terms and conditions. This would create more transparency for the customer and more clarity.
Typically, customers pay their loan once or in part. As a result, it is not clear what happens to the insurance or how quickly a customer has to pay if the provider gets into financial trouble. Regulation should take place through the usual prescribed state bodies.
Specialist opinions: Unclear specialist opinions
However, these sources are not entirely convincing. First, a test of the magazine Orkamagzine took place. This has named our policy loan test winner. The provider indicates this rating on his website. However, this information proves to be generally irritating. Typically, the magazine tests products or foods that customers consume for their environmental value or their exposure to toxic substances.
our policy loans do not seem to have anything to do with the effect on health, but rather have a neutral effect in the context of environmental protection. It is not a product that damages the environment through financial activities. Unfortunately, this does not say much about the quality of the performance itself. In addition, this result comes from the Orkamagzine 2007. There seems to be no current expert opinions.
our policy loan appears to be performing well for the client. However, there is no current opinion that proves that the financial product for the customer is particularly well suited or this provides a particularly good performance.
Because the supplier started his business with other types of products. There is also a policy purchase and a policy rating. If a customer no longer wishes to continue insurance or if an insured person wishes to find out later what the value of the policy actually is and if there are no better products, the company’s advice can help. A policy can then be sold, if necessary.
It is not clear whether a customer benefits from this solution. If our policy loan does not appear transparent enough for the customer, an interested person should first check which conditions prevail for the other products. Should there be any ambiguity, then the solution proves to be not recommended.
If you are looking for more alternatives to credit, we can recommend some. Depending on the purpose, there are, for example, attractive offers for mortgage loans, rent deposit loans or financing via credit cards. In the extensive guides you will find much worth knowing about the conditions for credit cards or for the mortgage lending .
our policy loan is a product of the provider, which is complemented by policy valuations and a policy purchase. The loans are not overly transparent. Therefore, an insured person should first check whether sufficient information is given and whether an offer proves to be useful.