Loan is one of the most popular banking services. It refers to a certain amount of money lent to a client by a bank. A bank client thus becomes a borrower and is obliged to repay the loan with interest within a stated period. As a rule, a loan is supported by collateral, such as client’s income property or deposit. For example when loan is taken with the purpose of re-planning or repairing a house (home improvement loan), the real estate object is usually registered as collateral. If a client fails to fulfill the loan agreement conditions he/she loses collateral and obtains poor loan record (making future loan borrowing more complicated).

A borrower is usually asked to pay for loan insurance in order to pass the repayment duties on the insurance company in case of contingency. Insurance loan is a borrowed amount of money which is equivalent to the sum of insurance coverage. There are a number of insurance loan programs, for example critical disease, property, traveling and other kinds of related options. Health insurance loan is a definite sum that may be taken by a bank client at the fact of submitting health certificate as sufficient collateral.

Property insurance loan (e.g. car insurance loan) in based on the policy’s value. Traveling insurance loan may be connected either with human or pet coverage (e.g. veterinary pet insurance loan) in case of pet transportation.

Insurance loan values can be counted online by using special software, called calculator (e.g. life insurance loan calculator indicates an estimated borrowed amount for life insurance policyholders).