Mortgage protection insurance: types of cover and criteria for minimum levels required to obtain a mortgage
Content Life insurance cover
For any mortgage offers sent before the 15th April 2019, you have the possibility to substitute your ongoing life insurance cover. (Please refer to “rights and procedure for replacing your mortgage cover”) For any mortgage offers sent from the 15th April 2019 onwards, BNP Paribas International Buyers does not make it obligatory to take out life insurance to cover the mortgage.
When your mortgage is granted, you should take out mortgage protection insurance.
This insurance protects you for your loan and so, in the event of life’s hazards, it enables the outstanding capital or monthly payments to be repaid.
The legislation allows you to select a policy from the insurer of your choice. However, this policy must provide the cover and minimum percentages set out below. They have been defined according to our risk policy taking account of your professional status, type of operation and type of loan.
The percentage insured must be at least 100 % of the capital borrowed, to be split between the borrowers pro rata to the income taken into account when the application is studied.
|Specific criteria for persons in work within the EU(all types of operation and all types of loan)||Specific criteria for retired persons and persons in work outside the EU(all types of operation and all types of loan)|
|Life cover||Cover throughout the duration of the loan||Cover throughout the duration of the loan|
|Cover for Total and Irreversible Loss of Autonomy||Cover required without specific criteria||Cover not required|
We have put together a special package with Cardif, a BNP Paribas Company, to provide comprehensive coverage. The relevant application forms are provided by your mortgage adviser who will be able to start to arrange the policy.
BNP Paribas Personal Finance - a credit institution, société anonyme incorporated under the laws of France with a share capital of 546 601 552 euros having its head office at 1, boulevard Haussmann, 75009 PARIS – France, registered under the Paris trade register with the number 542 097 902 – Insurance broker without obligation of exclusivity: list of partner insurers available on request. ORIAS (National registry of insurance intermediaries) N° 07 023 128 (www.orias.fr) - Company subject to prudential supervision by the Autorité de Contrôle Prudentiel et de Résolution (ACPR): 61 rue Taitbout 75009 Paris.