Term life insurance
A term life insurance policy is required in most cases when taking out a mortgage. A term life insurance policy is a policy that pays out when the insured person dies. This allows the lender to cover the risk. It is also a good idea to take out this insurance when two people take out a mortgage together. This means that the mortgage will be fully or partly repaid in case of death.
The mortgage provider wants to be sure that your property is insurance against damage due to fire, storm, water, theft and burglary. You must have such insurance from the moment that you become the owner of the property. Why is this insurance mandatory? The property is the collateral for your mortgage.
The lender may also request an invalidity insurance. Invalidity insurance is a policy you take out to cover the risk that you become sick or have an accident. Usually, this insurance is considered to be a requirement for those not in employment, such as freelancers, self-employed persons without personnel and sole traders
Do you want to know where you stand? Make an appointment
to look together at the insurances that are mandatory and recommended in your situation.
What insurances do you have to take out?