The best life insurance in Portugal For your mortgage!

PORTUGAL MORTGAGE can offer you the financial strategies that best match your needs.

Why take out a mortgage insurance?

Life insurance is not a legal requirement when taking out a real estate loan. However, it will be nearly impossible to obtain a bank’s approval without this insurance.

It protects the banking institution against the risks of non-payment related to a serious health issue. The borrower’s insurance contract reimburses the entire real estate loan in case of permanent insolvency or repays the loan in case of temporary impossibility.

What is the health declaration?​

The insurance company requires information about your personal and professional situation, as well as your state of health.

For this purpose, a simple medical questionnaire is generally requested. It allows assessing whether the insurance company accepts you, with additional premiums based on a higher risk, or rejects your application.

Several factors can lead the insurance company to go beyond the health questionnaire:

– Your age
– The amount of the loan
– Your answers to the health questionnaire
 
There can be additional examinations, such as blood tests, electrocardiograms, and specific tests at no cost when scheduled with a medical center affiliated with the selected insurance company.

When to take out life insurance for my mortgage?​

Life insurance follows the life of your real estate loan: it is taken out at the same time as the loan and expires with it. To obtain a mortgage, in most cases it is necessary to take out insurance for the duration of the loan.

You should update the outstanding capital throughout the life of the loan. For example, the loan amount and duration are necessary information to calculate the amount of your insurance premium.

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