Q – What are the terms of the loan for covering life insurance premium?
A – The loan is contractual agreement for a sum equivalent to one year annual premium and it can be extended with second and third loans only for the coverage of second and third years annual premiums.
Q – Is there a limit to how many loans equivalent to annual premiums of life insurance policy I can borrow from Abundantia?
A – 3 years.
Q – What would be the terms of second and third loans to cover the second and third years annual premium?
A – The same conditions as the first year.
Q – What is the main driver for request of new life insurance coverage?
A – Wealth preservation and wealth transfer.
Q – When does the repayment of first year loan come due?
A – After 12 months from its release of the capital to the borrower.
Q – If a borrower decides to request funds for the second year annual premium, can the reimbursement of loan for the first year premium be postponed to the end of second year?
A – Yes.
Q – If a borrower decides to request funds for the second and third years annual premiums, can the reimbursement of loans for the first and second years premiums be postponed to the end of third year?
A – Yes.
Q – In case a client/borrower opt to take 2 or 3 loans to cover the first and second, or first, second and third years of life insurance annual premiums, when does the reimbursement of cumulated loans come due?
A – Cumulatively at the end of second year or third year depending if borrower got 2 or 3 loans.
Q – Is the applied interest simple or compounded?
A – Simple.