It is only when we begin to weigh in the budget (when we are older) that we try to cut this spending further. And have you noticed that we lost a lot of money? In this article we show you how you can transfer your life insurance and save lots of money every month.
Why do we have to take out life insurance when we want a housing loan?
In practice, we do not have to take out life insurance. We are not obliged. But with high probability if we refuse to take life insurance they do not approve of the credit.
Thus, we can consider that insurance is mandatory. What is not mandatory is to pay so much, every month. The same is to say that we can negotiate and look for alternatives.
What usually happens in practice?
As a rule, there are two most common situations when we sign the housing credit agreement:
Obligation to have life insurance. Do not force it to be done in the bank. It does not require that you can not have more than one (for example, you can have a life insurance of € 1,000 in your bank and the rest of the insurance company).
And it does not prevent you from transferring this insurance to another institution;
Attribution of a commercial discount (in the spread) in the case of the contracting of several products, such as credit card, direct debit card, PPR, among others. Life insurance is usually included in this package but nothing prevents it from replacing it with another product.
What if the spread goes up?
In some contracts, you may lose the spread bonus if you transfer your insurance to another institution. However, you should keep in mind that saving with life insurance can be several times higher than the penalty of the rise in spread. Yes. Banks often charge life insurance more than double what an independent insurance company charges. And the higher the value of credit and the older the customer, the greater the savings.
Save on 3-Step Life Insurance:
To start saving as soon as possible, we suggest three steps:
- Decide what coverages you need and analyze which coverage is required. Here we suggest that you do not just stay in the compulsory coverages because it is quite possible that they will not protect you almost anything. That is why our suggestion is to contact a trusted specialist, such as Reorganiza’s consultants;
- Compare several alternatives in terms of price, coverage, penalty by insurance transfer (when they occur);
- Transfer your insurance with the help of a mediator to deal with all the bureaucracy and protect you throughout the process.