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How much do you have to pay for outstanding balance insurance? There are 10 replies:
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How much do you have to pay for outstanding balance insurance? Original post: Fri 6/11/2021 at 6:33 AM
For outstanding balance insurance, you will pay a premium. If the insured dies, as part of an outstanding balance insurance the insurer will reimburse (in part) the outstanding capital of your loan to the bank. 
 

How much does outstanding balance insurance cost?

The amount of the premium for your outstanding balance insurance will depend primarily on your age and state of health. What you may not know is that the terms of your home loan will also affect the price of your outstanding balance insurance premium . How does it all work? This is what we explain to you below.
 

What are the elements of your home loan that determine the premium for your outstanding balance insurance?

Several elements are linked to a home loan: the amount of the loan, the repayment period, etc. All these aspects will have an influence on the premium of your outstanding balance insurance. To make the best choice for your home loan and your outstanding balance insurance, call an expert. So quickly make an appointment with an independent loan broker near you . 
 

What are the important elements for calculating the premium for your outstanding balance insurance?

Credit amount and amount to be insured

  • You want to make major transformations and must take out a renovation loan for this.
  • You want to buy a house or an apartment and take out a home loan for that.
  • You want a better rate on your home loan and are looking for refinancing.
 
In all these cases, you will have to take out a home loan and therefore borrow a certain amount. This amount does not necessarily have to be the same as the capital you want to insure.
 
Here is a brief example to better understand. You buy an apartment and take out a home loan of € 200,000 for this. You can have the full amount insured (€ 200,000), but you can also decide to have only € 150,000 covered.
 

The link between the interest rate of your home loan and the outstanding balance insurance premium

The rate of your credit will also play a role in calculating the premium. The higher the rate, the longer it will take you to repay the capital. The higher the rate, the more interest and less capital you will pay. The insurer will therefore have to wait longer before the capital decreases.
 

Duration of the home loan influences the premium of your outstanding balance insurance

Logically, the duration of your home loan will also have an influence on the premium of your outstanding balance insurance. As you will pay back the principal more slowly, the premium will increase over time. The reverse will also be true: the shorter the duration of your home loan, the lower the premium for your outstanding balance insurance.
 
 

Gold advice for outstanding mortgage insurance

Did you know that you can have your outstanding balance insurance premium simulated? This way you will know exactly what to expect! You will see that many aspects will be taken into account for the calculation of the premium. It is therefore in your best interest to get help from an outstanding balance insurance specialist near you . It will not only simulate your outstanding balance insurance, but also compare different insurers and the terms of mortgage loans. You will therefore be sure to benefit from the best advantages on the market and therefore do not have to do anything yourself! 
 

Contact us without obligation if you need help with your outstanding balance insurance

Our independent loan brokers are at your disposal if you would like more information or need explanations for a simulation of your outstanding balance insurance or for the calculation of your home loan. So do not hesitate to contact us and make an appointment without further delay with a credit intermediary near you.

 

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Re: How much do you have to pay for outstanding balance insurance? Posted: Fri 7/9/2021 at 11:43 AM, in reply to guest guest

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Re: How much do you have to pay for outstanding balance insurance? Posted: Sat 7/17/2021 at 3:49 AM, in reply to guest guest
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