Loan insurance

Borrower's insurance is a guarantee for the bank, generally made compulsory to obtain a loan. It covers various risks, whether caused by health problems or life accidents: death, loss of autonomy, work stoppage, incapacity, disability, even dismissal. It is also called credit insurance, loan insurance or delegated insurance / external insurance when taken out of the bank.

You can take out this insurance when setting up a loan, directly through your banker (but this will not be specialized or the most competitive) or with an insurance broker, if possible specialized in the risk of expatriation.

The main goal is to save on the overall cost of your credit. Indeed, the insurance, if it is well selected, can save you up to 60% of contributions. The insurance provided by default by banks is generally flat-rate and covers a maximum of profiles and ages, which does not always allow them to be very competitive.

The price of loan insurance depends on:

• Age
• Occupation
• The amount and conditions of the loan
• The behavior and lifestyle of the borrower: smoking habits, the practice of high-risk sports…

The covers are: DC/PTIA (Death + Total and Irreversible Loss of Autonomy), and in Europe and certain countries we can add :

• ITT (Temporary Work Incapacity) Medically recognized incapacity before the annual expiry of the contract following the 65th birthday of the Insured or the 70th birthday depending on the option chosen (or according to contract), temporarily making the Insured completely and continuously unable, following illness or Accident, to exercise his professional activity earning him gain or profit.
• IPT (Permanent Total Disability) Consolidated physical or mental disability before the annual expiry of the contract following the 70th birthday of the Insured, where the state of health of the Insured results in a permanent loss of capacity of at least 66% calculated in accordance with in the table of article 9.
• IPP (Permanent Partial Disability) Physical or mental disability, consolidated before the annual expiry of the contract following the 70th birthday of the Insured and noted by the Insurer, the rate of which is greater than 33% and less than 66%, making it definitively and permanently impossible for the Insured to carry out his professional activity or his usual occupations full-time.

The contracts offered by Valorama offer all the covers requested by banks and can be taken out with a significant level of customization, whether for new insurance or for a change.

The “Lemoine Law” termination constitutes a fantastic opportunity to bring competition to borrowers’ real estate loan insurance.
In fact, you can cancel your insurance covering a real estate loan at any time! Regardless of the subscription date and amount. Replacing the borrower insurance contract will allow you to benefit from guarantees adapted to your profile while making significant savings!