Anyone who has just taken out a home loan or another major loan is better off taking out a balance insurance policy. For your next of kin it is the guarantee for a financially carefree future. Looking for the cheapest debt balance insurance? Then we have good news: you are under no obligation to go to your lender for the debt balance insurance. Other insurers are also eligible. So comparing is the message!
Take out debt balance insurance: rights and obligations
Taking out a balance insurance policy or not, you decide for yourself. Debt balance insurance is not required by law. On the other hand, banks do have the right to link a debt balance insurance as a condition to the granting of a loan. For them it is therefore a guarantee that the loan amount will also be repaid after your death. A debt balance insurance is therefore highly recommended , especially for those who have a mortgage loan or want to take out. Just think of the extra security that you build in for your partner and surviving relatives.
What a bank can never demand is that you take out a credit balance insurance with the same financial institution. In fact, such requirements are prohibited by law. You have the right to work with another insurer at any time. What that means for you in concrete terms? Well, you can start looking for the best price !
Comparison is a must
A bank therefore has nothing to say about your choice of debt balance insurer. But of course nothing prevents her from making a more interesting interest rate proposal when you take out a credit balance insurance policy with the same bank.
Nevertheless, it may still be cheaper to opt for a different debt balance insurer. Comparison is therefore a must! See how much you pay for your loan and your outstanding balance and make the sum. Also ask for sufficient information about the exact terms of each contract and let the competition play!
Take out debt balance insurance? First simulate online!
If you are going to compare debt balance insurance, it is best to start with an online simulation at an independent institution such as Good Finance (under ‘Insure your mortgage credit’ in the listings). And certainly also do a debt balance insurance simulation on the website of the insurers themselves . This way you immediately know which criteria each insurer uses for the calculation.