If you are going to buy a house and need to request a loan, get ready, because you will also have to take out life insurance, associated with the mortgage loan, and a multi-risk insurance. These two products are essential conditions required by banks to be able to grant credit.
Find out more about these two insurance policies and understand how DECISIONS AND SOLUTIONS can help you find the best option.
Life insurance: Safeguard your family’s safety
Although it is not mandatory by law, nowadays, practically all banks require the purchase of life insurance associated with the housing loan. This is a way for banking institutions to protect themselves and ensure the settlement of the credit, in the event of the holder’s disability or death. Furthermore, the insured’s family is also protected by the guarantee of payment, in full or in part, of the debted capital.
Home loan life insurance has three coverages:
• Death;
• Total and Permanent Disability (ITP);
• Absolute and Definitive Disability (IAD).
With life insurance associated with housing credit, the insured guarantees the banking institution the value of the outstanding capital in the event of death and one of the two described above, due to disability. Generally, the most recommended is ITP, as it is a more comprehensive type of coverage. However, it is always important that you seek information about all the necessary conditions that allow the insurance to be activated.
Therefore, it is essential that, when taking out life insurance, you pay maximum attention to ensure that the chosen coverage takes into account the type of risks to which it is most subject. For example, prevention may be the best option for your family if you perform activities with a high degree of risk.
Multi-risk insurance: Protect your property
Many people think that multi-risk home insurance is legally mandatory. However, only a very specific part, which insurance companies and banks include in this type of product, is. This is Fire and Natural Elements insurance.
Multi-risk insurance is a product with several coverage, which guarantees the protection of your property against various factors, such as:
• Floods;
• Robberies;
• Electrical problems;
• Subsidence;
• Weather;
• Other natural phenomena, among others.
It is possible to take out more coverages, in addition to those included in the solution offered by your insurer. However, bear in mind that adding protection to your base multi-risk insurance will increase the value of your benefit.
When taking out multi-risk insurance, it is important that in addition to the structure of your property, you do not forget to also cover its filling. This way, you will be protecting all the investment you made in your home.
Choose the best insurance with the help of DECIÕES E SOLUÇÕES
With more than 10 years of experience in insurance mediation, at DECISIONS AND SOLUTIONS we will help you make the best choice for life and multi-risk insurance. Leave turnkey and with the best protection for your family. Get in touch with us, find out more and clarify all your doubts.
Decisions and Solutions – Credit Intermediaries, Lda, registered with the Bank of Portugal, as a Linked Credit Intermediary, under no. 926, verifiable at www.bportugal.pt/ intermediarios-credito is a mediator registered with the ASF, since 29 September 2009, with the category of Insurance Agent, under no. 409311648/3, with authorization for Life and Non-Life Sectors, verifiable at www.asf.com.pt. The insurance intermediary does not assume risk coverage. Decisions and Solutions – Mediação Imobiliária, Lda, holder of AMI License No. 9300 issued by IMPIC, I.P.
