How to change borrower insurance?
For several years, various laws have relaxed the legislation related to mortgage insurance. It is now possible to change borrower insurance, free of charge, upon signing the offer.
When can I change loan insurance?
At the time of signing the loan
During the 1st year following the loan offer
Every year, on anniversary date
In favor of the borrower, however, these devices are not well known to consumers. However, delegation of insurance (the fact of entrusting the coverage of your loan to another insurer) allows you to negotiate a more competitive premium and to achieve significant savings. At Reassure me, we take care of the cancellation of your old loan insurance free of charge when you take out your new contract. In less than 3 weeks, your change of insurance can be effective.
Which mortgage insurance to choose?
When you take out the mortgage, your bank will offer you to take out its insurance contract. However, this so-called group insurance will have the disadvantage of not being personalized and above all, is very often very expensive.
Since 2010, legislation has made it easier to purchase your loan insurance. Here are the 3 points to remember when choosing your borrower insurance:
you are free to take out your contract with the insurer of your choice, as long as it offers the same conditions as the insurance offered by your lending bank;
in the event of a rental purchase, you will not be obliged to include the ITT (sick leave) and IPT (disability) guarantees, although recommended;
you can change your insurance free of charge, either during the 1st year of your credit (Hamon law), or each year on the anniversary date of your mortgage loan insurance contract (Bourquin amendment).
Delegation of loan insurance, which is the fact of purchasing your loan insurance from an independent insurer, allows you to save significant amounts of money. Bank contracts are on average 15% more expensive than traditional loan insurance (for an equal level of guarantee).
We recommend that you use a borrower insurance comparator to obtain several quotes by filling out the form. Our tool is free and does not require any contact details to start the comparison.
Your bank is obliged to respect your choice of borrower insurance and cannot under any circumstances change the interest rate on your mortgage if you decide not to choose its group contract.
How to borrow with a medical risk?
A medical questionnaire will be imposed on you before any subscription, in order to estimate the "risk" you represent for the insurer. In fact, since this contract covers you in the event of accident or illness, the insurer's doctor will want to know your profile.
Based on your answers to this questionnaire, the insurer may believe that your file involves a higher risk than a traditional borrower. In this case, he has 3 choices:
acceptance of your file with the application of an additional premium;
an acceptance with exclusions of guarantees;
a refusal to insure your mortgage.
In the event that borrower insurance is refused, do not hesitate to turn to our RM Santé service, who will assist you.
Our medical adviser has written short disease sheets to help you benefit from advantageous loan insurance even in the event of health concerns. You will find all our advice there before embarking on your credit insurance research.
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