You can also opt for a delegation of insurance, that is to say, take out an insurance contract with the insurer of your choice whose cost is significantly lower. If this contract has a level of guarantee equivalent to the insurance contract proposed by the credit institution, the latter accepts it after a detailed study of your file because in this case the banker loses a significant margin.
Change borrower insurance:
During the twelve months following the signature of your loan offer, you may cancel the borrower insurance policy provided you submit a loan insurance contract with an equivalent level of guarantee. This faculty may be exercised at any time during these twelve months. Any decision of refusal of the lender must be motivated. You can also cancel this insurance annually provided you submit to the credit agency a borrower insurance contract with an equivalent level of guarantee. This option must be exercised two months before the expiry of the borrower insurance contract. Any decision of refusal of the lender must be motivated. Whether in the first year or in the following years Labendor looks for insurance that meets the equivalence requirements of your bank and takes care of all the formalities of substitution.
What is the equivalence of the guarantee level?
The lending institution must assess whether the guarantees offered by the external insurer are of a level equivalent to those required by the mortgage loan.
Thus, it will judge whether the external contract that you wish to subscribe is equivalent to its own in terms of risk coverage.
It chooses a maximum of 11 criteria out of a total list of 18 criteria, supplemented if necessary by no more than 4 criteria relating to the loss of employment guarantee. The equivalence of the level of guarantee does not mean that the guarantees must be identical. This is why Labendor strives to reinforce the level of guarantee offered at no additional cost as long as the existing insurance is not at the level defined for the members of the Labendor community.
Why choose to change loan insurance with Labendor?
Labendor Borrower is a simple and accessible insurance:
Labendor, has designed for you with the largest insurers and reinsurers guarantees adapted to your needs;
Without medical examination : an online health declaration is sufficient to adhere;
The answer is immediate and the contract is signed online;
You will not complete any formalities or steps with your bank;
Labendor takes care of everything : request for substitution, cancellation, introduction of the new insurance… As soon as the substitution is made the cost of your insurance is halved.
Labendor Borrower guarantees are flexible to enhance your protection and adapt to the demands of your bank:
– Death guarantee until the 80th birthday;
– Total and irreversible loss of autonomy (PTIA) until the 70th birthday;
– Total Disability of Work (ITT);
– Total Permanent Disability (IPT);
– Partial Permanent Disability (IPP);
– Disability is considered in relation to the profession performed;
– The coverage of Non Objectivable Diseases (MNO) with conditions of hospitalization or surgical intervention;
– The option “MNO Without Condition” exempts prerequisites for hospitalization and surgery.
When insuring your bank is insufficient under the criteria of the Labendor community, guarantees are automatically enhanced without additional cost. For example, MNO coverage is always included and your disability is covered when you can not practice your usual profession.
What should I prepare to join Labendor Insurance Borrower?
Labendor simplifies your online membership. In order to offer you a mortgage insurance adapted to your needs, we need some clarification on
The conditions to join Labendor Borrower?
Since you pay too much, to join, you must:
– To be between 18 and 50 years old;
– have an outstanding amount of less than 500 000 euros to repay to his bank;
Labendor is working to improve these criteria. The larger the community, the more we will succeed. Thanks to you, we have been able to push the age limit of subscription from 42 to 50 years from March 21, 2019. Many thanks to the Labendor community!