The duration of a loan insurance contract is identical to the duration of the loan subscribed. Thus, when the loan is repaid in full, the insurance contract simply stops covering the insured.
Duration of loan insurance
Any loan insurance contract is subject to an age limit generally ranging from one insurer to another from 75 to 90 depending on the type of contract (group insurance or individual insurance).
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The duration of the guarantees
Total Permanent Disability (IPT) and Partial Permanent Disability (IPP)
For many borrower insurance contracts, the duration of coverage by the insurer is limited: the insurer does not continue to pay for example full-rate benefits beyond a period of 3 years that when the rate disability is equal to or greater than 66%. The most advantageous contracts continue to apply the rule of proportionality until the end of the loan.
Temporary or Total Incapacity of Work
The benefits paid under the ITT guarantee cease when the insured person resumes full-time or part-time work. The incapacity of the insured may, on medical observation, become permanent disability. In the case of a relapse into incapacity caused by the same illness less than 6 months after the end date of the previous incapacity, some insurance companies will pay you immediate benefits. However, many of them will only assume repayments once the period of the new franchise period has passed.