Credit insurance policy, an insurance for the financial institutions
Frequently, some persons who have the need to request a credit, can expire with all the requisites that the financial companies request to be able to grant a personal credit or of consumption, and generally this happens in those cases in which the soliciting person does not possess a guarantee or guarantee in the one that could rest. In these so particular cases, the financial companies have developed unja species of credit insurance policy that assures the refund of the given money in case the prestario could not expire with the payment obligations, any time this happens in a force majeure circumstance, as it can be the loss of the employment or a sudden invalidity.
In these cases the credit insurance policy is paid usually like an extra expense that was joining the number of the quotas that must be paid for the return of the money, this way the credit insurance policy can go so far as to cover up to 90 % of the carried away debt, therefore it is necessary to consider that 10 % remaining debit to be paid by the debtor.  And so, the credit insurance policy expires with the function of the guarantee but it is important that we bear in mind that lamisca it will depend on the amount that is requested. For example, if a person requests a credit for 3.000 dollars and acquires a credit insurance policy for this number, the most probable thing is that the same one covers only 50 % of the carried away debt that is to say that if of 3.000 dollars only I cancel the half, 1.500.
Then the insurance policy of alone credit will cover 50 % of the debt, or 750 dollars what implies that others 750 dollars will have to be paid for the debtor. It is as well as the credit insurance policy works and as well we were mentioning, according to the required quantity it is going to be the number of debt covered by the insurance policy, what it implies that while bigger the debt is the percentage of coverage will be major. Although the credit insurance policy is hired to the moment in which the contract of the same one closes, so that the same one is activated there must appear the corresponding documents that they credit and affirm that really the titular person of the credit is unable to continue with the finished payments of the quotas of the debt. In general the plans of payments of the credit insurance policies are used usually to pay of only one time the corresponding percentage of the obtained debt, or, limit to the stated percentage all the quotas corresponding on the granted credit. Personally we must say that this is the best option since it represents a facility of much more efficient payment.
Mortgage credit insurance policy
The previous paragraph speaks about the credit insurance policy in the personal credits for consumption, but also a credit insurance policy exists for the mortgage credits. Generally this insurance policy of alone credit is granted by the banks since a big loss risk is perceived for the entity that grants it, and precisely only a bank can confront this risk without any type of negative consequence. In this case, the credit insurance policy is not granted in substitution of the guarantee since as well we know, the guarantee in a mortgage credit weighs on the same property that was acquired by this money. The credit insurance policy serves like an insurance in case for the credit it was coming to him to the titular part of the contract to spend something drastic that prevents him from continuing with the payment of the mortgage.
In these circumstances what happens is that immediately the reduce mortgage in 50 %, facilitating this way that the spouse who inherits the above mentioned debt could continue with the payment of the same one without running the risk of losing the property. We must point out that this type of insurance policy of mortgage credit is not granted in all the banking institutions, for what is extremely important that it quarrels very well about all the conditions of a mortgage credit granted by a bank.  Although this credit insurance policy usually covers only the reduction of 50 % of the value of the mortgage, it is important to bear in mind that also there exists the possibility of extending this percentage of reduction by means of the hiring of an insurance policy of mortgage credit that he even can cancel to the finished debt, but as it is of waiting for this type of credit insurance policy, although it sounds very suitably it is excessively expensive, by what his hiring must be analyzed carefully. Anyhow also it is possible to extend the percentage up to 90 % of reduction of the mortgage but it is necessary to think that while more the above mentioned percentage spreads, costlier the credit insurance policy will be. In this case in particular, the insurance policy will be paid monthly with the quotas corresponding to the mortgage, and in case the insurance policy must be used, there will have to appear the corresponding documents that endorse the payment invalidity on the part of the holder of the above mentioned mortgage. |
