Change each year of borrower insurance? It’s possible now!
Thunderblast in the world of insurance and good news for borrowers! The Constitutional Council has just authorized the annual change of borrower insurance by validating the amendment Bourquin.
From now on, an insured who wishes to terminate his contract to take out a more advantageous one with a competitor, will be able to do so. This is a small revolution in the insurance universe. Explanations …
What is the borrower insurance?
Also called “loan insurance”, the borrower insurance allows a person who takes out a credit to protect themselves in case of worries. Indeed, life sometimes has unpleasant surprises and it may be interesting, when subscribing to a loan, to choose insurance that will cover certain hazards such as the loss of a job or illness. In concrete terms, if you had a claim, the insurance would cover the repayment of your loan.
Also, some credit institutions and some banks will impose in many cases, the subscription to this type of insurance. Be aware that loan insurance is not mandatory, although we strongly advise to subscribe one for the sake of protection.
Save money with the Good Finance
As stated above, the decision made by the Constitutional Council at the beginning of the year, protects the consumer and give him greater freedom in the choice of his insurance borrower. This measure will also allow borrowers to realize significant savings by undertaking a delegation of insurance, that is to say by subscribing its borrower insurance with an insurer, rather than within a bank.
Moreover, this new law will greatly stimulate competition in the insurance sector, and will thus encourage its players to become more and more competitive in order to satisfy their users.
Choose the borrower insurance that suits you
Do you want to take advantage of this new feature to change insurance, but do not know how to terminate your current contract? The Choosing site has produced a handy guide that you can read here.
So you too, take advantage of the new law on borrower insurance and reduce your monthly payments!
To make the most of this new regulation, we advise you to compare different actors such as MetLife, who will be able to offer you strong guarantees, while reducing the costs related to your insurance.
Once you choose a new insurer, you can then trigger the termination of your old policy.
So, you too, reduce your monthly payments thanks to the new law on borrower insurance.