WHY IS IT IMPORTANT TO TAKE OUT INSURANCE OF REPAYMENT OF LOANS AND
MORTGAGES?
When you ask for a loan or a mortgage, it is
normal that from the financial institution they offer amortization insurance. This type of insurance, which also offer it
independently insurers, is a very interesting product, and is highly
recommended to anyone who requests a loan or a mortgage firm to hire him. Let's
see in detail what is this type of insurance
and the different types of products that exist.
Depreciation insurance are insurance
aimed at people who have contracted a loan or a mortgage, and who want to have
covered debt for their safety and that of his family, so that does not put at
risk their property in the event of death. Normally, you can also hire an
additional guarantee for absolute invalidity.
Put another way, the amortization insurance aims to protect the lender
against possible non-payment due to the death or disability of the borrower.
For the payment of depreciation insurance premium, it can pay
fractional form (monthly, quarterly, semi-annually or annually) or make a
one-time payment initial policy (single premium insurance). This depends on the type of insurance and the capital that you want to make.
Depreciation insurance are a type of life insurance
where the insured capital coincides with the remaining unamortized amount and
have the same duration as the mortgage or loan. The amount of the capital
guaranteed at the time of death (or contingency cover) of the insured will be
the same than the capital pending payment of the mortgage or loan immediately
following the last expiration.
There is also another type of insurance in which the amount to be
paid where there is death or invalidity (in your case), remains unchanged
throughout the period of duration of the insurance
contract. In these cases, the insurance
company will pay to the credit institution the outstanding unamortized amount
and excess, the rest of persons designated as beneficiaries in the policy.
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