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利率下行，保费贷款逐渐成为高净值人群资产配置的“标配”。

在2026年全球步入利率下行周期的宏观背景下，新加坡的**保费贷款（Premium Financing）**正从一种专业金融工具，逐渐成为高净值人群资产配置的“标配”。

当借贷成本降低，而优质寿险保单的预期收益相对平稳时，这种“套利”和“杠杆”的组合便展现出了极强的吸引力。以下是深度解析：为什么在当下预期利率下行时，新加坡保费贷款会成为首选。

1. 核心逻辑：利差（Spread）的回归与扩大

保费贷款的盈利核心在于：保单的分红利率（Crediting Rate）- 银行的贷款利率（Loan Interest）= 正向利差（Positive Carry）。

  • 高利率时期（2023-2024）： 当借贷成本（如 SORA + Margin）高达 5% 以上，而保单预期收益仅为 4% 时，投资者面临“负利差”，入场意愿低。
  • 利率下行期（2026）： 随着美联储降息信号传导至新加坡，SORA 指标走低。假设贷款成本降至 1.5%，而新加坡大型险企（如 AIA, Prudential, HSBC Life）的万能险或分红险依然维持在 4% – 4.5% 的预期收益，投资者便能利用银行的资金赚取无风险或低风险的利差。

2. 资金杠杆的“四两拨千斤”

在新加坡，保费贷款通常允许客户仅支付 20% – 30% 的首付，剩余部分由银行出资。

项目

全额购买保单

采用保费贷款 (70% 融资)

现金投入

$100 万

$30 万

身故保额

约 $300 万

约 $300 万

资金占用

高（100% 现金）

低（30% 现金）

ROE (净资产收益率)

基础收益

杠杆放大后的收益

结论： 同样的 30 万美金，通过保费贷款，你撬动的是原本需要 100 万美金才能获得的保障和增值。

3. 增强资产流动性（Liquidity）

在利率下行时，不仅贷款便宜了，其他投资机会（如股市回暖或房产复苏）也可能出现。

  • 传统买保险： 资金被锁定在保单内，提前支取会有损失。
  • 保费贷款： 客户保留了 70% 的现金。这部分现金可以投入到其他收益更高的项目中（如私募股权或高股息蓝筹股），实现“一份资金，双重收益”。

4. 新加坡作为“避风港”的制度优势

新加坡保费贷款之所以成为首选，不仅是因为利率，更因为其环境：

  • 货币稳定： 新元（SGD）或美元（USD）保单在全球范围内具有极强的购买力韧性。
  • 低利差空间： 新加坡银行间竞争激烈，针对保费贷款的 Margin（加息点数） 通常非常透明且具有竞争力。
  • 税务合规： 在新加坡，人寿保单的身故赔偿通常不征收遗产税，且离岸资产隔离效果显著。

5. 必须关注的潜在风险

作为理性的思维伙伴，我也需要提醒你其中的风险：

  1. 利率波动风险： 保费贷款多为浮动利率。如果未来利率意外反弹，利差可能收窄甚至再次转负。
  2. 追缴保证金（Margin Call）： 如果保单的现金价值受市场影响大幅下跌（尤其是投连险），银行可能要求追加抵押品。
  3. 分红不确定性： 虽然预期收益吸引人，但非保证分红部分受保险公司投资表现影响。

总结

在 2026 年利率下行的趋势下，新加坡保费贷款的核心魅力在于：用更低的成本，借银行的钱，买属于自己的高额保障，并赚取中间的利差。

Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.

Published By:

Wang Hongna Anna

您好，我是洪娜（Hongna），现任新加坡理财顾问公司 Financial Alliance 鑫盟理财的资深理财顾问，拥有8年从业经验，持有国际金融理财师CFP®认证及AEPP高级认证，并荣获新加坡银行与金融学院（IBF）高级认证。

专注为职场人士、家庭及企业提供全方位的财务保障和理财规划服务，从单一保险公司起步，现已全面转型为理财顾问，始终秉持“客户优先”的原则，为客户提供中立、客观、专业的财务建议。无论是医疗保险索赔、教育与养老规划，还是企业员工福利保险，我都能为您量身定制解决方案。

我希望成为区域华人、新移民及其公司最值得信赖的财务规划伙伴！

我的服务范围包括：
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欢迎添加我成为您的理财伙伴，为您的家庭与企业保驾护航。

Hello, I’m Hongna, a Senior Financial Advisor at Financial Alliance – the largest Independent Financial Advisory (IFA) firm in Singapore – with 8 years of experience in the industry. I hold the CFP® (Certified Financial Planner), AEPP certification, and the IBF Advanced Level accreditation from the Institute of Banking and Finance Singapore.

I specialize in delivering holistic financial protection and planning solutions for professionals, families, and business owners – with a particular focus on Chinese expatriates and new immigrants in Singapore.

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根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

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  • Financial Alliance Pte Ltd ( “FAPL”) is licensed by the Monetary Authority of Singapore (“MAS”) and allowed to conduct financial advisory activities in accordance with the Financial Advisers Act (Cap. 110) (“FAA”) and the Securities & Futures Act (Cap. 289) (“SFA”) within the jurisdiction of the Republic of Singapore and in accordance with the licenses granted by MAS
  • 鑫盟理财私人有限公司( “鑫盟理财”)持有由新加坡金融管理局(“MAS”)所颁发的牌照，并许可在新加坡共和国境内依据财务顾问法（第110章）和证券与期货交易法（第289章）进行财务咨询等相关业务
  • Any services provided by FAPL to persons not ordinarily resident in Singapore are provided solely on an offshore basis from Singapore, resulting from direct enquiry on the part of the foreign residents.
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  • As an integral part of the provision of such services, FAPL may from time to time make available to such residents, documents and information making reference to capital markets products (for example, in connection with the provision of fund management or investment advisory services outside of the foreign jurisdiction).
  • 作为提供此类服务的一部分，鑫盟理财会不时向此类咨询者提供有关产品的参考文件和信息（例如，关于海外司法管辖区以外的资金管理或投资咨询服务等信息）。
  • Such documents and information are provided by Financial Alliance Pte Ltd (“FAPL”) is for general information only and is not intended for anyone other than the recipient.
  • 此类由鑫盟理财所提供的文件和信息仅供收件人做一般信息参考。
  • It does not take into account the specific investment objectives, financial situation or particular needs of any particular person.
  • 此类文件和信息不会把-个人投资目标，财务状况或其特定需求等考虑在内。
  • It does not constitute the making available of, or an offer or solicitation by FAPL to buy or sell or subscribe for any such capital markets product or to enter into a transaction or to participate in any particular trading or investment strategy nor an advice or a recommendation with respect to such financial products.
  • 鑫盟理财向该人士提供此类文件和信息将不构成要约或招揽购买或出售或认购任何此类资本市场产品，或达成交易或参与任何特定的投资策略，也不构成有关此类金融产品的建议或推荐。
  • These documents may not be published, circulated, reproduced or distributed in whole or in part to any other person without FAPL’s prior written consent.
  • 未经鑫盟理财的事先书面同意，不得将这些文件全文或部分发布，传播，复制或分发给其他人。
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  • 鑫盟理财无意在分发，出版或使用此类文件可能违反当地法律，或本公司及关联公司或关联人士需要注册，获得许可或符合规定的司法权区向当地人士分发、出版此类文件或供其使用。
  • You shall ensure that you have and will continue to be fully compliant with all applicable laws in your home country when entering into discussion or contracts with FAPL.
  • 在与鑫盟理财进行讨论或签订合约时，您应确保您已完全遵守并将继续遵守您所在原居住国的所有适用法律及条规。

In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.

根据《个人数据保护法》，鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料（例如姓名，证件号码，联系电话，邮寄地址，电邮地址和照片）。 该政策可在本公司网站上查寻，网址为 https://fa.com.sg/data-protection-policy/.

By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.

提交此表格，即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策