Insurance Backed Loan
Borrowing money against your medical insurance policy is a type of loan that allows you to cover medical expenses that are covered by your insurance policy. This type of loan is also known as a medical loan or health loan.
When you borrow money against your medical insurance policy, you are essentially using your insurance policy as collateral. The lender will give you a loan based on the value of your insurance policy and the amount of coverage that you have. You can then use the money to pay for medical expenses that otherwise may come later and might take longer time to claim.