For all intents and purposes, you will find below the main warranties required by most lender organizations, to know which ones you should have from the insurance companies when you want to subscribe to an insurance delegation contract.
This table will also help you to know which bank to direct you for your mortgage, according to the pathologies that you have: for example if you have big problems of back, prefer rather a bank which will not ask that you be covered for this pathology without condition of hospitalization because the insurance will exclude you certainly.
This list is not exhaustive, contact us, we will explain exactly to you which guarantees you will have to subscribe according to the bank which finances you.
Which guarantees for which bank?
The Advisory Committee on the Financial Sector (CCSF) oversees the equivalence of guarantees to make it easier for borrowers to compete. In this context, this committee has defined a limitative list of minimum guarantees per insured, payable by all banks, in case of an application for loan insurance delegation.
Death and Total and Irreversible Loss of Independence
Guarantees Death (DC) and Total and Irreversible Loss of Autonomy are systematically requested by the banks, we will not return to this point, it will be necessary to subscribe to them systematically. It should be noted, however, that the PTIA guarantee is not systematically requested for the entire duration of the loan because, starting from a certain age, this guarantee stops in the majority of group contracts of banks or delegates.
Incapacity of Work and Total Permanent Disability
The Incapacity of Work (or ITT) guarantee is almost always combined with the Total Permanent Disability (IPT) guarantee. Indeed, after a long work stoppage where the ITT guarantee has played, if the insured is still not able to return to work, then the IPT guarantee will take over. However, in the case of a rental investment, the bank may require the borrower to be guaranteed (in addition to the DC / PTIA) for the IPT without the ITT.
The big characteristic here is that some banks demand that these guarantees be exercised for back and pay- their pathologies, without the condition of hospitalization. Pay close attention to the length of hospital stay required by the bank for these illnesses to choose your delegated insurance policy. Following are the conditions required by the main banks:
Partial Permanent Disability
This guarantee is optional. So only some banks will ask for it:
Partial Work Incapacity
As with the IPP, this guarantee is optional and not required by all banks. Only some banks require this guarantee
Be aware, however, that most delegated insurance policies include this benefit in their default GVC.
Again these lists are not exhaustive and the requirements of the banks are changing (upwards or downwards), so we strongly recommend that you consult us to be certain to subscribe to the good guarantees!