Simulating real estate credit-linked life insurance could allow thousands of households to pay close to half the cost of the product. Having life insurance is critical to preparing for future events. These products guarantee that you and the beneficiary allocate a certain amount of capital in the event of disability or death. In this way, you will protect your family and guarantee financial assistance in the event of an accident. The bank with which you insure yourself requires life insurance. Mortgage. But the law has changed and for several years the client is not obliged to keep his insurance in the bank (or in an institution imposed by the bank).
Life insurance simulation is a quick and easy process that can also be done remotely. If you haven’t already, know that you may be paying too much for insurance. In this article, we will explain how to simulate and save!
You can reduce your life insurance limit!
It’s nothing new for banks to require customers to take out life insurance when they take out a mortgage. This ensures that, in the event of death or disability, bank debts and housing expenses are paid.
Currently, more than 2 million Portuguese have insurance that covers their debts. What most people don’t realize is that you can decide which insurance company you prefer to negotiate the purchase with. And you can also transfer your already contracted insurance, saving you hundreds of euros a year.
Luís Tavares, national coordinator of DS SEGUROS, explained: “Consumers are very uninformed and firmly believe that all insurances are the same. As this product is charged by banks for housing loans, people think that the only option is to take the advice Insurance and paid monthly.”
It is a fact that banks have had a monopoly on the product for a long time. Therefore, they force customers to take out life insurance where it is most profitable for them. However, European legislation prevents banks from complying with this obligation since 2009. So the good news is that you can change your life insurance and save between 40% and 60%.
What to keep in mind when negotiating insurance
1. Types of disability insurance
When you buy life insurance through a bank, you will likely be covered for absolute and permanent disability (IAD). This feature can only be activated when it is almost 100% disabled.
Luís Tavares explained that the client “must ensure that they have Total and Permanent Permanent Disability Insurance (ITP) because it is activated as soon as the work disability exceeds 60 or 65%”. In this case, if one of the household members cannot continue working due to injury or illness, the ITP guarantees that housing expenses will be paid.
Questions like these determine how important it is for clients to seek advice from experts in the insurance industry. Otherwise, said Luis Tavares, “the consequences could be serious.”
2. Percentage of capital
One of the things that you should consider is the percentage of capital guaranteed by the insurance. In general, the total amount of each borrower is not guaranteed. In these cases, life insurance only pays half of the debt if one of the elements dies.
3. Amount of Life Insurance Payments
The national coordinator of DS SEGUROS warned that close to 80% of couples over the age of 40 pay for life insurance “around double what is fair”.
Due to changes in European regulations, some international insurance companies have opened a store in Portugal for life insurance only. The entry of these new players into the market makes prices more competitive and creates new options for customers.
DS SEGUROS works with almost all the insurance companies in the country, which allows it to offer its clients the best quality/price ratio.
Why do a life insurance simulation?
With expert advice, it is possible to change insurance, obtain a personalized solution and a fair price without the need for banks to increase the difference. DS SEGUROS has a large team of professionals to help you in this task.
Are you wondering if it is worth simulating your life insurance? The answer is simple: by doing this, you can reduce your mortgage insurance costs by 40-60%!
Starting at age 60, most people pay more for life insurance than they do for themselves. deliver goods. DS SEGUROS helps thousands of clients to find cheaper options through its experts.
For example, a 45-year-old couple with a loan of €150,000 now pays the bank around €1,500 a year for life insurance. With the advice of DS SEGUROS, you can pay just over 700 euros for coverage equal to or better than the one you have.
Simulate your life insurance with DS SEGUROS and discover how much you can save. The entire process can be managed remotely, quickly and easily. Start a free simulation now!
