Subscribing to one Crédit Immobilierin France is always accompanied by the implementation of a loan insurance. The latter is the essential point to cover oneself in case of impossibility of reimbursement but also to protect the bank to which the insurer will pay the amount due. In order to optimize the cost of the financial transaction, borrowers often focus on the rate, which is certainly not negligible, but which should not be the only point of comparison.
Here are the main criteria to consider when choosing your expatriate loan insurance.
- coversmandatory and optional
Borrower insurance contains several levels of coverage. The loans to coversbe covered are always at the bank's request: it is the lender who must indicate them to you according to your profile and the purpose of the loan (main residence, secondary residence, rental...)
coverdeath/PTIA will protect your family in the event of death and total and irreversible loss of autonomy. In the event of a claim, the remaining capital due is paid by the insurer. This coveris mandatory for all profiles and all types of mortgage set up.
coverdisability/incapacity for work will cover you in case you are temporarily or permanently unable to work. Depending on the policy you choose, the insurer may pay part or all of your monthly loan payments. This coveris often required for the purchase of a primary or secondary residence.
coverLoss of employment insurance is optional and very rarely required by banks. It ensures that your monthly payments are repaid in the event of job loss (redundancy). But be careful! The cost of this option is very high and the conditions are quite restrictive (limited duration, waiting period and coverage of 50% of the monthly payment, etc.).
- Coverage in the country of residence
As an expatriate, you will mainly be confronted with the search for a contract that will cover the risks of living abroad (and your possible trips to your geographical area).
When you take out a mortgage, the bank will offer you a group contract negotiated in advance with a partner insurer. This will not necessarily take into account your international profile and may often lead to the exclusion / refusal of somecovers.
Delegated insurance is undoubtedly the most suitable solution for your expatriate situation: a tailor-made policy will cover you in your place of residence and during your professional travels around the world. This is not always the case with so-called "group" or association policies.
- Irrevocability of the covers
Do you have to change your place of residence? Increase the risk/frequency of business travel? Or even change the profession?
Rest assured, if your contract is well chosen, you are certainly covered by the irrevocability of thecovers.
The irrevocability of coversis a clause in the general conditions that allows you to be covered during the whole duration of the loan at the same conditions and rates as those granted at the time of signing the contract.
This clause is therefore a great advantage for borrowers with an international profile, so remember to check if it is included in the general conditions of your borrower insurance contract.
If you wish to be supported in the choice of the insurance contract, you can use a specialized broker such asValorama.
Contact an expert from their team on +33 3 26 26 87 82 05
or request a quote online https://www.valorama.fr/devis-en-ligne/