The loan insurance delegation – if it is authorized by your banker – is part of the guarantees required when you take out a loan. Indeed, the lending organization has a policy of taking a number of precautions.
He will first make sure that your income is sufficient (debt ratio limited to 33% of your salary), take a guarantee on the property in case of non-payment of the deadlines (mortgage, registration lender of money or mutual guarantee) and ask you to take out insurance covering the risks of death, disability and disability.
It is advisable to talk about the possibility of bringing a delegation of loan insurance from the beginning of the negotiation so as not to face a refusal on the pretext that the file is too advanced to delegate an external insurance.
Group contract or insurance delegation for your mortgage?
Until a few years ago, the insurance linked to the loan was systematically subscribed with the lender and the “group” contract was always offered. There was no question of submitting to your banker a delegation of insurance of external real estate loan .
This contract, which was fully shared, made young and old people contribute at the same rate.
Today, relations between banks and borrowers are no longer the same. On the one hand, the “group” contracts have evolved a lot and offer competitive rates for young people, and on the other hand, the banks accept (somehow) external insurance.
When is it valid to delegate your loan insurance?
Despite the solicitation of insurers and insurance brokers, it is not always interesting to subscribe to its insurance borrower outside the bank. First of all, for the price to be valid, you must be under 40 years old. But in our opinion, the most important is the guarantees.
Attention to exclusions
Few loan insurance contracts offered under external delegation are worth the group contracts whose guarantees are generally much better.