{"id":517,"date":"2025-01-08T12:52:16","date_gmt":"2025-01-08T12:52:16","guid":{"rendered":"https:\/\/leadkash.pt\/seguro-de-vida-e-obrigatorio-ao-contratar-o-seu-credito-habitacao\/"},"modified":"2025-03-13T09:44:05","modified_gmt":"2025-03-13T09:44:05","slug":"life-insurance-is-mandatory-when-securing-your-mortgage","status":"publish","type":"post","link":"https:\/\/leadkash.pt\/en\/life-insurance-is-mandatory-when-securing-your-mortgage\/","title":{"rendered":"Life insurance is mandatory when securing your mortgage"},"content":{"rendered":"<p>If you&#8217;re buying a house with the help of a home loan, you will need to take out life insurance, which, like the property insurance, is mandatory in order to secure the mortgage you need.<\/p>\n<p>Although this life insurance has specific characteristics due to its purpose, if you think it\u2019s just another cost you&#8217;ll have to bear, you couldn\u2019t be more wrong. It\u2019s true that it\u2019s another expense for you, but at the same time, it ensures that in the event of a fatality, the loan will be paid off in full. In other words, it\u2019s a safety net for both you and your family.<\/p>\n<p>Also note that you don\u2019t have to purchase it from the financial institution that grants your mortgage. You can choose the insurance company that offers the best financial conditions, as long as it meets the specific requirements of this insurance.<\/p>\n<p>But let\u2019s break it down.<\/p>\n<h2><strong>This life insurance has specific conditions different from a standard life insurance policy<\/strong><\/h2>\n<p>Indeed, because it\u2019s associated with a mortgage, life insurance has:<\/p>\n<ul>\n<li>An initial coverage amount equal to the loan value.<\/li>\n<li>The insured amount\n<ul>\n<li>decreases annually based on the outstanding debt.<\/li>\n<li>guarantees the full repayment of the loan in case of fatality.<\/li>\n<\/ul>\n<\/li>\n<li>The term of the insurance matches the loan term.<\/li>\n<li>The beneficiary of the insurance is the financial institution that granted the loan (not your heirs as with a traditional life insurance policy).<\/li>\n<\/ul>\n<h2><strong>Consider life insurance as an inheritance for your family<\/strong><\/h2>\n<p>It\u2019s true that the beneficiary of this insurance is the financial institution that granted the loan, not your heirs. But this guarantees that in the event of a fatality, the financial institution will be reimbursed by the insurance company for the outstanding loan balance. Therefore, we can say that this life insurance frees your heirs from debt and allows them to inherit the property without encumbrances.<\/p>\n<h2><strong>The life insurance premium depends on the loan amount, term, and your age<\/strong><\/h2>\n<p>In <a href=\"https:\/\/leadkash.pt\/en\/fine-what-is-it-and-what-information-does-it-contain\/\">part B of your FINE (European Information Document)<\/a>, in the section referring to the repayment of your loan, you\u2019ll find the amount of premiums for mandatory insurance if you purchase it through the financial institution granting your loan. And although the total amount is the sum of both insurance premiums, most of it refers to life insurance.<\/p>\n<p>When reviewing the table, you can see that the premium amount changes every year. This is because the premium depends on the insured amount (i.e., the loan value) and your age.<\/p>\n<p>Since the insured amount is the outstanding loan balance, which decreases every year, you would expect the premium to decrease annually as well. But as you can see in the repayment table, this doesn\u2019t happen. The reason is simple: your age increases.<\/p>\n<p>Indeed, insurance companies consider that with age, the likelihood of a fatality increases, so there\u2019s a higher probability that they will have to pay off the mortgage debt to the bank. And of course, the higher the risk, the higher the premium insurance companies charge.<\/p>\n<h2><strong>The good news is that you don\u2019t have to get the insurance from the institution that grants the loan<\/strong><\/h2>\n<p>That\u2019s right. Life insurance is mandatory, but in reality, you can take it out with any insurance company you choose; you just need to provide proof to the financial institution that you have an active life insurance policy that meets their requirements.<\/p>\n<h2><strong>Get in touch with Lead Kash <\/strong><\/h2>\n<p>Want to save money on your home loan? Get in touch with us. We\u2019ll present the ideal solution to help you achieve that goal. We take care of the process for you and compare proposals from different institutions. And the best part: this service comes at no cost to you. <a href=\"https:\/\/leadkash.pt\/en\/mortgage-simulation\/\">Get a quote<\/a>, contact us, and let us simplify your life.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you&#8217;re buying a house with the help of a home loan, you will need to take out life insurance, which, like the property insurance, is mandatory in order to&#8230;<\/p>\n","protected":false},"author":4,"featured_media":512,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[19,26],"class_list":{"0":"post-517","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sem-categoria","8":"tag-credito-habitacao-en","9":"tag-seguro-de-vida-en"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Life 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