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Policy Loan As An Alternative To The Credit For Self-employed

April 13, 2016 in News Tags: ,

If you want a loan for private or commercial purposes as an independent, will find it difficult at most banks. An alternative here would be a policy loan. Self-employed nowadays just don’t have it, to obtain a loan. Especially the guidelines of Basel II term make it difficult for the trader to find fair financing. Therefore, independent alternative ways and means to come to a favorable credit search. A policy loan is an alternative to the traditional bank credit. When a policy loan, self-employed mortgage your own money of life insurance (life insurance, private pensions unit-linked life insurance). This eliminates the credit risk and no collateral is required.

Especially when short-term capital needs the loan to value of life insurance is an excellent alternative. Benefits of a policy loan for the self-employed: some significantly lower interest rates than that of the conventional bank loan interest codification possible no Credit check retirement and death protection remain get flexible repayment options special eradication without compensation remains entitled to final surpluses Schufa entry the policy loan is not an end-mature loans, so only the interest are repaid during the period. The policy loan runs until end of the insurance, the loan will be deducted from the flow performance. There is also the opportunity to completely detach the loan after six months. It was until a few years ago only possible to apply, with respect to a policy loan to the insurance there are secondary market provider, which generally are more flexible now and offer much more favourable terms than the insurance secondary market provider.

Policy loans are not tax harmful tax treatment In principle. However should be sure – this also applies to existing contracts, which became closed before January 1, 2005 that the costs arising from the policy loan (interest rates) rather than Advertising costs or operating expenses are asserted, because otherwise the entire insurance contract will control harmful. Private purchases are (owner-occupied residential property, etc.) with the collateralized loan financed, attack the special deduction. Also the tax advantages for retirement remain. The insurance industry is obliged to display to the IRS if the policy loan exceeds 25.565 euro. Then, the Treasury checks whether there is a tax harmful use of the policy loan. Should doubts arise, it is advisable to consult a tax advisor or consult with the competent tax office. All around this topic information interested readers in the pages of the trade portal Lebensversicherung-verkaufen.NET. Daniel Franke

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