Real estate loans granted by Bank are covered by Sogecap , a subsidiary of Bank Group.
A few words about bank loan insurance :
Certain Bank group activities are delegated to subsidiaries. Thus, Sogessur aims to manage the insurance component of the group. While Sogecap is the subsidiary “life insurance”. Its role is essentially to :
- Manage the life insurance policies of the SG.
- Offer the bank’s customers retirement savings contracts .
- She is also involved in health insurance.
- Providing consumer credit (Expresso Personal Loan, Alterna Revolving and Revolving Loans, Student Loans and Business Credits).
The guarantee Death Disability Work stoppage (DIT) .
It secures both the borrower and the bank because, depending on the problem encountered, it reimburses the sums due or pays for future installments.
- Death : The credit will be refunded in proportion to the coverage chosen (mentioned in the contract). In principle similar guarantees apply in case of PTIA (total and irreversible loss of autonomy)
- Invalidity : Monthly payments are covered either 100% or partially.
- Incapacity of work : If it falls within the scope of the clauses of the contract, the insured will see his monthly payments supported during the duration of the incapacity.
Job loss insurance :
It guarantees to the insured person the assumption of 50% of the amount of the monthly installments in case of loss of work during a period which is generally of 18 months.
OUR OPINION and OUR ADVICE:
- The Hamon law now allows to choose a loan insurance different from that of the bank. To do this you need to go a little in advance to find an insurance offering at least the same guarantees.
- This same law also allows you to change insurer during the contract provided that you take it before the first anniversary of the signing of the loan offer .
- After this period of one year, it is theoretically possible to make this change but in fact it turns out to be very complicated because of a currently hesitant case law.
- Read your contract and especially the exclusions of guarantees such as those mentioning the practices of hazardous activities or even clauses explaining the reasons for dismissal included in the loss of employment guarantee etc ….
- Although it is not the most competitive insurance company of the general society, it is in an honest average compared to the competition in terms of cost.
- Its appeal lies in the fact that you will have no additional steps to take to ensure your credit since your advisor will take care of everything.