A loan insurance contract is effective throughout the credit repayment period.
The age limit for underwriting loan insurance ranges from 75 to 90 years depending on the insurance company.
The guarantees Total Permanent Disability and Partial Permanent Disability:
The duration of care can be limited. For example, a credit insurance contract may provide for the payment of 100% benefits over a period of 3 years, after which compensation will continue only if the disability rate is higher than 66%. The most advantageous loan insurance contracts, however, apply the proportionality rule throughout the effectiveness of the contract.
The Temporary and Total Interruption of Work:
Any compensation ceases as soon as the insured is in the capacity to resume a professional activity. However, after confirmation of your medical condition by a doctor, your incapacity for work may become a permanent disability.
Your mortgage usually lasts more than 15 years, so choosing the loan guarantee is important. Take your time to choose the right insurance loan at the best rate with the best coverage possible.
Choose the right insurance borrower
To make a comparison of the different contracts, analyze the standardized information sheet of the borrower. Here are the important points to look at after the loan insurance rate:
For the work stoppage, it must be validated by the fact that the borrower can not practice his profession, unlike all trades. Note that a loan insurance policy is particularly effective if it allows an exemption from contributions due to a “work stoppage” in case of disaster.
Beware of contract exclusions; as disco-vertebral conditions (back pain) or neuro-psychic diseases (depression). It’s up to you to know if you want to be covered against these diseases for your real estate credit.
Prefer insurance loan contracts that offer a flat rate and non-compensatory support. so that your contract does not compensate for the difference between the benefits of the social organization and your usual salary. Pay attention also to the duration of assumption of the credit insurance contract.