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All or part of your rights under the Policy will be assigned to the lender as collateral via an agreement of assignment. Subject to the terms and conditions of the loan contract and policy assignment agreement, the lender will be entitled to exercise all or part of the rights under your Policy, and you will not be able to exercise those rights unless the lender's approval is obtained. Examples of those rights include:
1. Receive any benefits (including surrender value, death benefit, etc. ) payable by the insurer under your Policy;
2. Surrender the policy, or make withdrawals;
3. Apply for policy loan, or exercise any options under the policy;
4. Make certain changes or amendments to your Policy (e.g. appointment of new beneficiary, further pledge or assign the policy).
You should therefore carefully read the terms and conditions of the loan contract and policy assignment agreement, and consider how these potential adverse impacts may affect the outcome of the Policy and whether the Policy is still suitable for you.
