As you know, obtaining a mortgage is a very popular procedure today. However, most banks impose certain requirements on borrowers, one of which is compulsory life and health insurance. However, many still have questions. Many are interested in whether it is necessary to take out life and health insurance for a mortgage, all the more so to pay a fairly decent amount of money for it.
To answer the question of whether this procedure is required or not, it is worth considering in more detail the process of obtaining a policy. It is also recommended to pay attention to the benefits and possible benefits of insurance in relation to a person who wants to get a loan.
What does insurance give?
Everyone knows that the money for the purchase of housing, as a rule, is issued for a rather long period (up to 30 years). Such long-term loans are very unprofitable for banks, since during this period of time anything can happen to the client.
If we consider the problem from this side, then in this case we are talking about benefits for a credit institution. Are there any advantages to obtaining such a certificate for the borrower? Of course, they exist.
For example, if the borrower receives injuries that will lead to his disability, then in this case he will not have to pay a huge commission to the bank for the inability to make monthly payments. In this case, the responsibility for payments lies with the policyholder. In a situation of obtaining disabilities of groups 1 and 2, the borrower will be insured against additional costs. In the event of the death of a bank client who took a rather large loan, his relatives will not have to repay the debt.
Simply put, the insurance company will have to cover all the losses of the bank caused by certain circumstances associated with the borrower. At the same time, the housing taken on credit will not go anywhere. It will continue to be the property of the relatives of the borrower or himself.
If immediately after the occurrence of the insured event inform the bank about the accident, then the risk that the monthly payments will be increased is reduced to zero. Also, some confuse life and health insurance. The last 2 options are valid throughout the entire mortgage term. This means that annually it will be necessary to pay for the certificate. Insurance interest will also be recalculated based on the debt balance. Therefore, it is worthwhile to think several times before abandoning this service. It is best to find where mortgage and health insurance is cheaper. At the same time, it is worth paying attention to several important nuances. What to look for?
Where is cheaper?
If we talk about calculating the traffic of life and health insurance for a mortgage, then it all depends on individual circumstances. The interest rate can be from 0.5 to 2.5% of the amount of the residual debt on mortgage lending. Of course, even a hundredth of a rather large loan will hit the client’s pocketbook.
In order to save as much as possible during the registration of life and health insurance for a mortgage, it is worth checking with a bank employee which particular insurance companies are partners of a credit organization. In this case, you can familiarize yourself with each individual company and consider the existing interest rates.
Although there are online calculators on the sites of insurance companies, they do not always work fully, that is, they do not take into account the individual parameters of clients. It is much more convenient to contact the organization and personally communicate with the manager.
How is insurance calculated?
Of course, first of all, everyone is interested, due to which a significant increase in the interest rate for obtaining a certificate can occur. Keep in mind that company employees pay attention to the age of the borrower. If he is not young, then, of course, the commission will be much higher.
Also, clients applying for mortgage and life insurance are asked to undergo a medical examination. Based on the data on the presence of chronic diseases and other ailments, a decision will be made on the final cost of the insurance certificate.
As a rule, men have to pay large sums for receiving the form. This is due to scientific evidence and mortality statistics: unfortunately, the stronger sex live much less than women.
Also, the increase in the interest rate may be affected by the position held by the client. If he works in hazardous conditions in hazardous work, then, most likely, the overpayment will be even higher. In addition, the amount of the loan and the duration of the mortgage payment period are taken into account. Also, the manager of the insurance organization always evaluates the external data of the client. If he suffers from too much weight, smokes and drinks, then this is also a negative factor that affects the increase in overpayments.
Refund and Cancellation Insurance
Sometimes it happens that clients draw up an insurance form, but suddenly realize that they are overpaying too much. In this case, they really can make a return on the received mortgage policy. However, it must be borne in mind that this is given a very short time. Usually it is no more than a few days. More precise terms can be found in the contract, there they must be prescribed.
It is also worth paying attention to the points in the contract that relate to the calculation of insurance and the possibility of a refund. The insurance company has the right to draw up a contract at its discretion, therefore there may well be points according to which the client does not have the right to rely on any compensation. You should be careful and ask the manager a question again.
Without any consequences, only the military can refuse the insurance policy, since their life and health are already insured by occupation.
When can an insurance company refuse to pay?
As mentioned earlier, before signing the contract, it needs to be studied in detail. Terms of payment in it must be spelled out in detail. In this case, it is important to ensure that the amount that will be paid upon the occurrence of an insurance event is indicated.
The obligations of the policyholder and the insurer are prescribed in the contract. This is very important, since if some nuances were not indicated in the papers, then in this case the company can very easily refuse payments.
As a rule, to obtain compensation, it is necessary to collect the necessary documents. This obligation lies with the policyholder. SK has the right to refuse to pay in the event that an accident has occurred that cannot be classified as an insured event.
Sberbank
In this credit institution, you can not only get a pretty decent amount of money for the purchase of new housing, insurance policies are also issued here. In this case, any bank customer who has issued a mortgage in the amount of up to 11 million rubles is entitled to receive documents.
If we talk about the size of the payment of life and health insurance for a mortgage at Sberbank, the contribution is 130 thousand rubles. However, everything again depends on the individual parameters of the borrower. It is also worth considering other organizations providing similar programs.
VTB 24: mortgage life and health insurance
This bank also provides its customers with the opportunity to apply for a policy immediately upon receipt of funds. However, in this case, the conditions will be much more profitable than at Sberbank. In this case, the client, who arranges life and health insurance for a mortgage at VTB, will have to pay about 0.21% of the total cost of the selected home. However, most citizens of the Russian Federation still prefer to contact the UK, which have long been on the market and during this time have collected a huge number of positive reviews. It is worth considering them in more detail.
Sogaz: life and health insurance for mortgages
The main advantage of this organization is that customers can contact not only the company’s branch, but also receive money through the official website. As a rule, after leaving an application, the organization’s manager calls the user back and discusses the conditions.
Another important aspect of obtaining life and health insurance for a mortgage at Sogaz is that in this case, a medical examination, which is a prerequisite, is absolutely free.
If we talk about the cost of insurance, then it will be 0.17% when it comes to the life of the borrower. There is also a very interesting service. It is called "borrower liability insurance." In case of loan non-repayment, overpayment for the certificate is 1.17% of the total price of the apartment. However, it is worthwhile to clarify the final cost of the documents with an employee of the organization, since it all depends on the particular bank, the amount of the loan and the payment term.
RESO
In this case, we are talking about comprehensive insurance, which includes life, health and much more. In addition, the client of the Insurance Company will be protected in case of loss of working capacity or disability. Due to this, life and health insurance for mortgages at RESO has a great advantage and benefit for borrowers.
In case of loss of working ability, illness or death of the client, the company independently pays the bank the balance of the debt. The heir to the borrower also does not have to worry about debt. And besides this, such package insurance includes protection of acquired property. In RESO, you can issue a certificate according to personal conditions. This is very convenient, since each person may have different situations in life.
However, this insurance company is far from the only one where you can get such paper for the bank. Consider other options.
"Renaissance"
The main activity of this insurance company consists precisely in issuing policies on the life and property of borrowers. In addition to the main insured events, the client is also entitled to indicate his own versions of what may happen to himself or his property.
If we talk about the cost of obtaining mortgage life and health insurance at Renaissance, then the amount is calculated individually individually based on the specific data of a particular client. However, the minimum cost for issuing a form is 2.5 thousand rubles.
Ingosstrakh
This company is one of the five best insurers of the Russian Federation. Here you can get a pretty cheap life insurance policy on mortgage lending. If the loan amount is not more than 11 million rubles, then for the order of the insurance and customer service form you will need to pay about 16.5 thousand rubles. Thus, in Ingosstrakh life and health insurance for a mortgage will cost about 0.22% of the total cost of the selected housing. These are more than favorable conditions for customers who want to reduce the interest rate on a general loan.
Rosgosstrakh
This insurance organization is also very popular among the population. She offers very low rates. If the home is insured in the UK under a comprehensive program, then in this case the cost of the certificate will be no more than 0.2% of the total cost. However, in this case, the bank in which the mortgage was issued must be considered. Also taken into account the size of lending, interest rates, type of property and much more. All borrowers must undergo a detailed check.
Nevertheless, in Rosgosstrakh life and health insurance for a mortgage is quite cheap, so you should definitely consider this organization.