When we ask a bank to borrow money , we must return to monthly fees that are higher or lower depending on the borrowed money and agreed to the repayment period.
Generally, there are usually no problems in such situations, we should have thrown it before accounts and how far we can go into debt, and what fee would be affordable for our pocket.
Money back comfortably as is supposed to have a monthly payroll that supports our debt , but sometimes life can give us a blow and run out of those on fixed incomes. For this reason, it is important that whenever you hire a loan either mortgage or consumer , insurance contracts also cover unforeseen depreciation.
What is a repayment insurance?
Repayment insurance is only one guarantee for the payment of such monthly installments in the event of any unforeseen event that prevents you deal with them, for example:
In case of serious accident or death : Insurance (also known as life insurance) will pay all the money returned. This way, your heirs will not leave any debt, and will not be they who have to take care of the money has not yet been paid.
In case you become unemployed , can also be the case that you are working in a company for many years, but things in the economy and the crisis, this company has to close down and end up in unemployment. If this was the case, insurance may cover the amortization monthly installments over a period of time, even can be extended to get back into work.
Advantages and disadvantages
Really know that your loans are secured in the event of any unforeseen gives peace and serenity to you and your economy. However, know that such insurance is not free and you will pay for it.
The main disadvantage is that, is that significantly increase your monthly pay. In many cases, if the loan is not too high, you can just hire insurance credit and collections begin at once. For example, if you need 6000 euros, can give you the option to make a credit for those 6000, but in reality only ingresarte 5700. These 300 euros of difference are to be passed to the insurer.
In other cases, the insurance fee is paid monthly along with the amount of the loan . As another example, if you pay 200 euros monthly fee, it is likely that a lot of that money (say $ 10) is intended to repay the insurance. These amounts are increased as is increased the amount of money granted.
If you are a proactive and cares about their future, this type of insurance contract may be the solution to your peace of mind . Hopefully never, ever have to wear it, but if that is the case, then you'll be glad you made that decision at the time.
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