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 Which insurance contract for which loan?

You plan to take out a credit or a loan: whether it is an installment loan or a mortgage loan.

You are a little worried because like everyone else, you do not know what the future holds and you would like to be sure that you can repay your credit until maturity.

Did you know that you can match your loan with insurance, the premium of which is modest and which can keep you from financial risks during the entire life of your credit?

A few words of explanation …


Why take out insurance?

Why take out insurance?

Without wishing to play on the economic situation that strikes Europe or Belgium, it is clear that lately, there has not been a week without the media announcing a corporate restructuring, synonymous with job losses. Unfortunately, this can happen to anyone.

Sometimes you also borrow with your spouse or a third person and an unexpected death puts your repayment capacity in serious jeopardy.

The consequences of default and termination can be particularly stigmatizing.


What types of insurance policy?

loan insurance policy?

Rest assured, you are not without resources to overcome these kinds of difficulties. The types of insurance that may be useful to you are generally of two types: job loss insurance and balance due insurance.


What conditions?


Loss of employment insurance

  • Be at least 21 years old;
  • Waiting period of 6 months after taking out the credit agreement;
  • Being in the bonds of an open-ended contract;
  • Have completed your trial period of one month 3 months;
  • To be able to claim unemployment benefits.

Balance outstanding insurance

You must answer a questionnaire that will allow your insurer to measure the risks inherent in your file. Sometimes, too, you have to undergo a medical examination.

This insurance protects your heirs and your co-borrower in the event of death.

Optional or mandatory?

The conclusion of an insurance contract is always optional. However, some banks will refuse to grant you credit if you do not purchase a balance outstanding insurance policy. In this case, you give up your credit.

Sleep easy

The cost of these insurances is not high. Talk to your broker about the premium amount. In general, this premium is paid at once and its amount is deducted from the amount of credit granted to you.

Tranquility obviously has a cost, but nothing beats tranquility.

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