When you are a borrower, surety, co-borrower of a real estate loan or associate in SCI, you can buy a loan insurance. The risk cover you receive will be based on your age, work situation and state of health.
The age limit for taking out loan insurance
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The age limit for applying for loan insurance generally varies according to the offers of 55 to 75 years. Most often, it is set at 65 years old. Beyond this age, you will only be able to adhere to the death guarantee. There is also an age limit for certain contracts for Total Permanent Disability (IPT), Partial Permanent Disability (IPP) and Temporary or Total Incapacity (ITT) guarantees.
Simulation, Quote and Comparison of Credit Insurance
The age limit of protection, the age or the guarantee is no longer effective, is identical to the age limit of subscription.
In the event that your age exceeds the age limit of subscription, or in order to extend the age limit of coverage, you can opt for a formula specific to “seniors” allowing you to join and be covered by loan insurance until the age of 85 (on average). However, your borrower insurance will only cover the risk of death and will cost more than other standard contracts.
Subscribe the best insurance offer according to your professional situation
Many contracts only allow the subscription of the IPT, IPP and ITT guarantees to the persons exercising a professional activity. However, there are loan insurance contracts that can be subscribed when one does not exercise any professional activity at the time of the application for the subscription of a loan insurance. However, these generally only cover the risk of death.
How much insurance to subscribe?
Whether you are borrowing alone or in pairs, what is called an insurance quota is applied. The loan insurance portion is a percentage distribution of coverage. For a single borrower, this one is 100%.
When borrowing as a couple, it is recommended to take into account the level of income of each to distribute as accurately as possible “on each head” the insured portion. Thus, the borrower 1 may for example benefit from a 60% quota against 40% for the borrower 2, the minimum total being 100%.