A lump sum guarantee of a loan insurance contract is a guarantee only based on the maturity of the loan. Regardless of the insured person’s loss of salary or reduced income, the maturity of the credit is entirely covered by the insurer (depending on the insured portion selected).
This method of indemnification used for individual insurance contracts is to be preferred over indemnity guarantees found in group contracts.
To obtain a mortgage and to guarantee it, you must subscribe borrower insurance. This insurance is of a duration equal to that of your credit and allows the assumption of the total or partial refund of your monthly payments in the event of death, invalidity, incapacity of work or unemployment. Only death and disability guarantees (Total and Irreversible Loss of Autonomy – PTIA), which are the basic guarantees of a loan insurance contract, are most often required by creditors. Depending on the type of contract, the guarantees can be indemnity or lump sum.
The indemnity guarantee is the type of guarantee that can be found in group banking contracts for partial or total permanent disability (IPP or IPT), total temporary incapacity for work (ITT) and loss of benefits. employment. The compensation paid by the insurer depends on the loss of income of the insured and the benefits paid to him by the social security and other supplementary health insurance organization. Thus, in the case where the loss of income is covered by the payment of social benefits, the insurance company does not pay any compensation.
The flat-rate guarantee makes it possible to be compensated (e) of the entirety of the monthly installment of the credit, according to the assured quota. The loss of income of the insured person is not taken into account. This is why this method of reimbursement, used in insurance delegation contracts, is to be preferred.
In addition to the benefit of the flat-rate indemnification of the individual insurance contract guarantees, the insurance delegation offers you the possibility of benefiting from a tailor-made contract and considerably reducing the cost of your credit insurance compared to the contract of insurance. insurance group of banks.