How can you continue to repay your mortgage when you have to stop working to care for your seriously ill child? Insurers promise a new “family aid” guarantee no later than July 2025.
Insurers will provide a “family assistance” guarantee in certain contracts on real estate loans to cover parents having to accompany a seriously ill child or victim of a life accident, the sector’s Advisory Committee indicated on December 13, 2023. financial institution (CCSF).
No later than July 2025
The body unanimously approved an opinion providing for temporary coverage of all or part of the installments of real estate loans to finance the purchase of a main residence if the insured is forced to partially or completely cease his professional activity to assist his minor child, according to a press release. This guarantee, which must be put in place no later than July 2025 in at least one of the insurers’ borrower insurance contracts, is conditional on the subscription of temporary work incapacity cover. The CCSF, where representatives of financial institutions and customers, parliamentarians and union representatives sit equally, must establish an assessment after one year.
A very low financial impact
The Committee looked into the question at the initiative of MP Paul Christophe (Horizons, North), in liaison with the association “Eva pour la Vie” and the “Growing up without cancer” Federation. If borrower insurance can compensate the insured in the event of an accident or illness of the borrower, it does not currently cover the reimbursement of monthly payments in the event of serious illness or disability of a child under the borrower. The financial impact and risk of this new measure were considered very low. THE CNP Assurances et The postal bank were then the first to put in place this guarantee at the request of the two associations.
No need to legislate
In an article published in Le Monde in April, 185 deputies and 85 associations asked insurers to agree to include this “family assistance” in their contracts in order to cover parents faced with such a situation. “I welcome the full involvement of the sector which has brought our project to fruition and removed a considerable financial burden from the disrupted daily lives of these families. Our goal is to improve support for families of seriously ill children, so that ‘they only have to concentrate on their child’, commented Mr. Christophe in a press release. “I am delighted to see that the insurance sector is taking up the subject without the need for legislation.”he added.
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2023-12-13 14:47:15
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