Changing Loan Insurance: A Good Example of Savings
I decided to publish now the best examples of savings made by our customers on their mortgage insurance.
Indeed, as a reminder, loan insurance taken out with a bank can be terminated in two ways: either by invoking the Loi Hamon, which allows to change borrower insurance in the year following the anniversary date of the contract of insurance, that is to say once this first year has passed, invoking the Bourquin amendment which makes it possible to terminate 2 months before the anniversary date of the loan agreement, each year.
To review all the explanations on the borrower insurance changes, the equivalence of the guarantees, the anniversaries dates etc … I invite you to consult our pages Termination Law Hamon and Termination Law Bourquin.
So I noted in my agenda to contact Mr. and Mrs. EH in the right timing to be able to terminate this year. To change loan insurance, the ideal is to go 4 months before the anniversary date of the contract. We must determine this anniversary date very precisely and beware, where it gets worse, is that depending on the banks, this date is different: some take into account the date of signature of the loan offer, others the date of signing the application to join the insurance … Consult us, we will tell you precisely which date to take into account depending on the bank and your current insurance contract.
Here are the details of the savings
To be equivalent in terms of guarantees, Mr and Mrs EH had to take out the following guarantees:
- Total and irreversible loss of autonomy
- Total Work Incapacity, with an option for coverage of back and psy without conditions of hospitalization
- Total Permanent Disability, with an option for coverage of back and psy without conditions of hospitalization
- Mr and Mrs EH were also to be insured at 100% each.
- The profile of Mr and Mrs EH is as follows: they are both non-executive employees, non-smokers and were born respectively in 1973 and 1978.
They had 4 lines of loan to ensure:
- A first loan of € 8,166.52 at 0% over a remaining period of 135 months
- A second loan of € 75,900 at 0% over a remaining period of 241 months (including a deferral of 109 months)
- A third loan from 42,049.83 € to 1.29% over a period of 125 months
- A 4th loan from € 67,439.81 to 1.29% over a remaining term of 125 months
If they had continued with their group insurance of the bank, the sum of the insurance premiums due would have been 21 192.62 € .
Thanks to the insurance delegation, I found them a totally equivalent contract in guarantees (and even with some better guarantees), for a total of 12,187.67 €, saving 9,004.95 € or 42,5%!
So you too do not wait to contact us and make big savings on your mortgage insurance
We will search for you the most competitive contract with equivalent guarantees. You will also be able to decide if this economy is very important to choose additional guarantees or to increase your quotas to be better covered!