Borrower insurance is inseparable from any type of credit: mortgage, car loan, revolving credit, personal loan, credit repurchase.
Its main function is to allow payment of the principal owed on the credit in the event of the borrower’s incapacity.
80% of borrowers take out their insurance with the bank which grants them credit, sometimes for practical reasons, in order to avoid too much administrative work, but more often than not, for lack of knowledge of the legislation, which now authorizes the purchase of an insurance contract with a different establishment.

Loan insurance, security for all.
When you want to borrow from a credit institution, in most cases it is necessary to take out borrower insurance to guarantee your loan. It is a security for you and your family, it is also for the credit organization: in the event of death, disability or loss of employment, it is the insurance that reimburses the establishment credit.

The guarantees of a loan insurance contract

The job loss guarantee.

A job loss guarantee is sometimes granted to cover the risk of dismissal. Most often offered in the context of a mortgage, this guarantee provides for the reimbursement of mortgage loan maturities if you are dismissed.
The conditions for applying this guarantee may vary depending on the insurance contracts.

The invalidity guarantee.

The invalidity guarantee is granted as an extension of the death guarantee within the framework of borrower insurance. This invalidity guarantee may relate to functional invalidity, inability to exercise a professional activity or the total and irreversible loss of autonomy.
With this guarantee, the insurer pays the monthly payments, either partially or in full, according to the provisions of the borrower insurance contract.

Death guarantee.

Borrower insurance always includes a death guarantee.
This guarantee provides, in the event of the death of the insured, the payment to the bank of the capital not yet reimbursed on the day of death.
The beneficiaries of the deceased are then released from any obligation to reimburse. The property enters the inheritance of the estate. The contract ends after repayment of the last due date of the loan or upon the death of the insured.
In most cases, the insurer also reimburses the capital in the event of total and irreversible loss of autonomy

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