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17 SEP 2021
Before, when you asked for a mortgage through the bank, they forced you to take out a life insurance that conditioned the granting of the mortgage loan. In reality, these insurances have rates that are higher than those usually offered by the market, and you end up paying a higher price than contracting those offered through other channels, such as Insurance Brokers and Mediators.
 
Did you know that the new Mortgage Law, in force since June 2019, eliminated this practice? This means that banks must offer you other alternatives, in addition to al-lowing the client to contract the policy on their own and present it to the bank.
 
Do you want to start paying less for your Mortgage life insurance? From CINC Corre-duría de Seguros we offer you one of the best Life Risk Insurance on the market with very attractive conditions. It is a specific life insurance designed to cover the outstan-ding capital in the event of premature death or permanent disability. And the great advantage it has is that you will only pay a price adjusted to the real debt that you have at all times.
 
Do you want to know how much you can save?
 
 

What is Life Risk Mortgage insurance and why does it allow you to save money?


It is an insurance modality that reduces the capital contracted annually with respect to the capital amortized to the bank automatically. In this way, you only pay for the debt, since the policy only increases each year by age group and is reduced by outstanding capital. Therefore, this modality guarantees you to pay less for your mortgage insurance than the one you have contracted or offered by your financial institution.
 

How is the price of Life Risk Mortgage insurance calculated?


The price of the insurance is calculated every year again downwards with a new insu-red capital, which due to the amortization of the mortgage debt will be proportionally lower than the initial one. Once the new premium for the new reduced capital is ob-tained, it is recalculated taking into account the age of the insured in each year of the insurance, guaranteeing you a very stable premium throughout the entire contract period. In addition, since it is calculated each year by the new principal of the outstanding debt, no excess premium is paid.
 
If you want to leave an equity in excess of debt, we advise you to take out life insu-rance with fixed capital, since Life Risk Mortgage insurance is designed to cover your obligations to the bank. Contact us and we will advise you on which is the best op-tion.
 

What guarantees does the Life Risk Mortgage insurance cover?


  • Main guarantee: Death capital
  • Additional guarantee: Management service in case of death
  • Complementary guarantee: Absolute and Permanent Disability

What amount of capital can be initially insured?


The Insured Death Capital must be the capital received by the loan, each annuity can be adapted to the capital that is pending amortization by applying the different types of planned capital decrease (linear, cumulative or irregular).
 

Who is the beneficiary of the insurance?


Given that the objective of the policy is to cover the non-payment of the pending debt due to death or absolute permanent disability, the first beneficiary is the entity for the outstanding amount in the event of a claim, which in turn also provides hereditary advantages since it does not increase the capital mass due to the collection of life insurance. In your case, if there is excess capital of the insured capital once the mort-gage has been paid, it will be the beneficiaries designated by the policyholder who will receive the corresponding amounts according to the express designation of the insured.
 
 If you want more information and need us to advise you, contact us:
 
CINC Correduría de Seguros
933 030 060 (Barcelona)
972 505 100 (Figueres)
972 940 940 (Girona)
assegurances@cinc.es

 

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