Finding your future nest, getting a loan, managing the move and, sometimes, reselling the current home… Buying real estate is as time-consuming as it is stressful, all the more so with the increasing complexity of access to credit. So much so that an approach is often neglected, as it seems secondary in the heaviness of the purchase process: the subscription of the loan insurance – the contract which will allow you to no longer repay all or part of the credit in the event of accident of life.
However, the financial stakes should make us think. Insurance will often increase your monthly loan payments by several hundred euros per year. However, it will sometimes pay you several hundred thousand euros if you have to play the guarantees. “Borrower insurance is the leading provident insurance product for the French”recalls Alain Roussel, director of borrower insurance and provident insurance at Crédit Agricole Assurances.
The rules have recently changed for this insurance, thanks to the Lemoine law of February 28, 2022. First, if you have had cancer, you can now benefit from the right to be forgotten if your treatments have been completed for five years. .
Then, if you provide less than 200,000 euros of loan and are under 60 years old at the end of the loan, exit the health questionnaire. The insurer can no longer collect information about your health to set the price and terms of the contract (since June). It is the “insured portion” that counts: by borrowing 300,000 euros together with 50% coverage each, the insured portion is 150,000 euros per head.
Finally, once the insurance has been taken out, the borrower can change insurer at any time (since June 2022 for new contracts, September 2022 for others).
Where to insure?
Theoretically on this point, nothing has changed: you can accept the bank’s “group” contract or go to an external insurer, called “delegated”. It will calculate a more individualized rate, more fixed according to your risk profile (age, job, smoker or not, etc.). So potentially cheaper.
Third way, rarer: some banks will offer you an individual contract if you refuse the group contract.
In practice, ” we have to be realisticlance Cyrille Chartier-Kastler, du cabinet de conseil Facts & Figures, it is now so difficult to find a loan that if a banker makes you an offer, you thank him and take his insurance! » Contract all the more easily signed as we do not commit to any duration…
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