WHAT IS LOAN INSURANCE



WHAT IS LOAN INSURANCE
The borrower insurance covers the repayment dates of the loan when events defined in the contract occur, such as death, total and irreversible loss of autonomy, disability, temporary incapacity for work and loss of employment. .

IS LOAN INSURANCE REQUIRED?
The subscription of the borrower insurance does not find any legal obligation.

Imposed by the banks to individuals wishing to acquire a property, it finds a reciprocal interest with the creditor and the debtor, since it guarantees the assumption of the debt, in case of injury to the physical integrity of a borrower , or unemployment.

For example, in the event of death or irreversible total loss of autonomy, the insurer pays - in one go - to the lending institution a sum, most often equal to the capital remaining due.

WHO CAN PROPOSE LOAN INSURANCE?
In the borrower insurance market, there are different players that can cover your credit:

Insurers (independent): Metlife, Generali, BNP Cardif, Swiff life ...
Credit institutions: Crédit Mutuel, BPCE, Crédit Agricole, CIC ...
Insurance Brokers or Credit Brokers: April, Immofinances.net
Internet comparators: lelynx.fr, Assurances-credits.net ...
WHAT DOES LOAN INSURANCE CONTAIN?
In a borrower insurance policy, the death benefit is most often supplemented by personal injury benefits, such as disability and disability. Note that it can also provide a guarantee of insurance "loss of employment".

In this way, in the event of the death of the borrower, he does not transmit his debt to his heirs, because he will have signed a contract guaranteeing a capital equal to the amount of the capital remaining due to the lender.

To choose a borrower insurance that best suits the personal situation of the borrower, it is necessary to check the conditions of guarantees (definitions, period of deductible, the age limit that can exclude the insured from the service, etc.). ), exclusions and clauses relating to each contract.

WHAT TYPES OF LOAN INSURANCE CONTRACTS SUBSCRIBE?
There are two types of loan insurance contracts:

The group contract
Proposed by banks, it is based on an agreement between the bank and an insurance company to cover the largest number of people. The contract is based on a system of pooling risks between customers. In other words, this group insurance offers a single rate for its members, established by age group, regardless of the profession.

The individual contract
The contract directly binds the customer to the company. It is based on a risk customization system adapted to each client.
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