DO YOU HAVE TO SUBSCRIBE TO THE LOAN INSURANCE OF YOUR BANK?



DO YOU HAVE TO SUBSCRIBE TO THE LOAN INSURANCE OF YOUR BANK
At a minimum, the weight of insurance represents 25% of the total cost of real estate credit, but can reach one-third. That is why it is essential to choose it carefully, while remaining properly protected throughout your loan. Is it better to choose the offer from your bank or another bank? Decryption of issues.

WHAT IS A "GROUP INSURANCE OFFER"?
The group insurance is a collective offer, proposed by the lender: already negotiated with an insurer, it lists the borrower in a category and applies the associated rates by age group.

The advantage of this solution is that the risks are shared. Collective, it also benefits from a real economy of scale - because of the large number of people who subscribe to it.

A reduction in the cost of insurance even more significant for borrowers whose age reaches the ceiling of the tranche to which they belong. In effect, they benefit from the same rate as borrowers who are 8 years younger, but categorized in the same bracket.

In addition, it is easier to subscribe, because the formalities are simpler to carry out, the estimate being established directly by the financial adviser who studies the loan application.

WHAT IS THE DIFFERENCE BETWEEN GROUP INSURANCE AND DELEGATED INSURANCE?
Unlike group insurance, individual insurance is based on a personalized risk study. In other words, each borrower, depending on his personal situation, benefits from a single insurance cost.

Therefore, a young borrower will have an interest in studying the offers in delegation, because the age remains one of the main criteria of tariffing.

A comparison, now facilitated by the requirement to produce a standardized European fact sheet (FISE) with any mortgage loan offer. Indeed, since October 1, 2015, all banks must submit - upstream of their loan offer - the personalized form with up to 15 guarantees selected from the list of 26 defined by the CCSF (Advisory Committee on the Financial Sector ).

Why is delegated insurance more relevant?
As its name indicates, delegated insurance is an offer external to that of the bank. It is built on the basis of finer criteria: obviously, age and profession, but also the amount borrowed and the state of health, are also taken into consideration. The institution simply evaluating with greater precision, the risk factor that you represent.

For example, a 30-year-old borrower who does not have a health problem and who does not smoke is a secure profile for banks. Not to mention that its income is likely to rise. Typically, a case that should study more closely, the conditions of delegation to optimize the cost of its insurance borrower!

It should be noted that according to the Hamon law, you can change insurance until the first anniversary of the contract. And according to the law n ° 2017-203, applicable since March 1, 2017 for the new contracts and on January 1, 2018, for the old ones, this change will be able to take place on each anniversary date.
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