Your borrower insurance allows you to protect yourself against the risk of not being able to repay the loan maturities in the event of death, illness, disability, incapacity for work, loss of employment. As a result, the insurer takes charge of the capital remaining due to the lender. It prevents the borrower from seizing his property to honor his debt.
For its part, the bank is guaranteed to recover the loaned capital. Even in my case where the insured cannot pay the remaining installments.
You understand, thanks to this type of insurance, you have an additional guarantee to protect yourself against unforeseen events that may arise. This insurance guarantees your loan and allows you to be covered in the event of:
- permanent disability,
- temporary disability
- job loss
- or in the event of death.
If one of these events occurs, your insurance takes the realsis and pays the installments for you.
A borrower insurance is therefore a security for you, your family but also for the credit organization to which you appeal. In the event of physical impossibility in the cases mentioned above, the credit will still be honored. This insurance can be offered by your credit organization. The same insurance having negotiated a group insurance with an insurer. But, you are entitled to opt for an insurance delegation with the insurer of your choice.