Useful information about the loan without insurance
Contrary to popular belief and popular on the Internet the subscription of a loan insurance when using this type of service from a bank is not mandatory. The law does not impose it, banks often do it for her. The guarantees always required (we can say obligatory in a certain way), are the guarantees death and total and irreversible loss of autonomy. There are cases where you can take out a loan without insurance .
Can I get a mortgage without insurance?
This situation often comes back to the forums where we were often asked by customers by email, so it is necessary to answer them. The law does not impose loan insurance! It is the lending institutions that, in order to protect themselves from any inability to pay their clients, oblige them to subscribe to a borrower insurance.
Solution in case of refusal of loan due to a health problem
There is the AERAS (Insuring and Borrowing with an Aggravated Health Risk) convention. Signed in 2007 and revised in 2010, it broadens access to loans, particularly those suffering or having suffered major diseases.
This agreement provides that the bank, if it refuses to grant the loan, must seek alternative solutions such as a third-party bond with the borrower, a mortgage, an investment contract or any other solution to take out a loan without insurance with the agreement of the lender.
The opinion of the independent online broker Loan Insurance Cheap on the loan without insurance
In almost four years of existence the AERAS convention has allowed many people to have access to the loan. However, its effects are insignificant compared to the number of people who are refused their application.
We advise you in all cases to use a loan insurance broker as Loan Insurance, which through its partnerships with the largest insurers can surely find you a credit insurance for some types of aggravated risks.