Life insurance is devised to ensure that people feel more confident, knowing that in unfavorable circumstances, he did not pass on their problems to friends. Especially this confidence is essential if man burdened with a mortgage.
Related article: Subject of mortgage insurance: how to optimize costsIn principle, the man himself has to decide whether to insure him in case of illness or injury to the family guarantees against loss or not to do so. However, the banks create such conditions that in fact this choice for mortgage borrowers and no.
Until recently, banks and insurance at all declared mandatory. But there were customers who bother to read the 31 Federal Law "On Mortgage (mortgage)." Which reads: "The mortgagor is obligated to insure at his own expense ... ... property for an amount not less than the amount ... obligations." Accordingly, banks may require a mandatory basis, when it comes to mortgage lending, insurance only collateral, and this property. All other types of insurance (life, disability, property titles, etc.) are optional, and their payment obligations to the borrower does not.
Having established this, borrowers turned to the Federal Antimonopoly Service, which was soon banned the banks require a mandatory life insurance and ability to work in the issuance of the mortgage.
Nevertheless, some banks are simply ignored the ban. Other bankers have found a loophole: allowed to issue credit and without insurance, but in this case were to raise interest rates so that the overpayment of a loan is higher than the insurance cost. Savings only applies no monetary incentives for the borrower to persuade life insurance and disability. Instead, he has a moral pressure as evidenced by Roman Stroilov, director of private and corporate lending company Penny Lane Realty, «Savings Bank aggressively staff offer customers this service, even imposed, arguing that in the event of a bank may deny credit. This, of course, should not believe. "
The choice is not yours
Insure mortgage risks can all insurance companies licensed to this type of activity from the FISA (Federal Insurance Supervision Service). However, each bank itself, as a result of the tender or on the basis of its own estimates, determine the terms of the insurance companies are allowed to affiliate sales channel. Client can offer a choice of 3 to 30 companies: it is the market leader, such as CAS, CSG, RESO, "Ingosstrakh", etc.
Yet what if the borrower (or his employer) previously insured life and ability to work in any of the insurance company and he did not want to change the insurer of these risks? "He needs to pick up the bank, who is willing to credit the borrower has an existing insurance policy, despite the fact that the insurer is not his partner," - says Christina Hops, director of the mortgage company "Miel New". Except that if the insurer - not very well known company, in practice, to find such a bank is difficult.
In order not to "get" to fines by the FAS, bankers inform customers that are willing to take an insurance policy of any third party company that suits the borrower. But some of them honestly point out the site that the process of consideration of possible policy and will take from 40 to 90 days, and others about this umolchat. But the end of this period (which sometimes is not limited to) any seller-developer with the primary market or the owner of the secondary will not wait. So in fact the borrower has no choice: for a smooth passage of the deal he had to give preference to the insurance company from a list of the bank.
Why is this happening? Elementary. Bank on it just earns by acting as an insurance agent. For serious volume of transactions of compensation insurer, for example, 20-40% of the commission, may be billions of rubles. And we're not talking about cases where the ordinary bank employee tries to impose his friend to the client agent, and an absolutely legal scheme: payments between insurance companies and banks made public in the reporting period.
How much does the policy?
The average total cost a borrower for mortgage insurance, as calculated Vladykin Andrew, head of mortgage and loan company "NDV-estate" is 1-1.5% per annum on the balance of the loan with interest.
They consist of three parts: insurance against the risk of damage to or loss of the mortgaged real estate at a rate of 0.15-0.35%, the risk of loss of life insurance or disability, of which we are talking about - is 0,15-0,65%; insurance and risk losing the title - 0.2-0.9%. Christina Hops says that the rate of life insurance and disability borrower's mortgage loan varies from 0.3-1.5%.
Average cost of services on insurance, according to Roman Stroilova are in the range 1,8-3%.
Rates for insurance risks are determined individually for each borrower
depending on gender, age, health status and the nature of professional activity. The risk of disability increases during the occupation of active sports such as skiing or surfing, but takes into account household and risks: accidents, diseases, etc. Sometimes banks require insurance and life co-borrower, if the income taken into account when determining the amount of the loan, adds Christina Hops.
The term of the mortgage insurance is equal to the period for which issued the mortgage loan. Life insurance and disability pay from the date of the loan, and payments are made once a year. When it is maturity, the bank reported to the insurance company the outstanding balance of the borrower, and based on that amount calculated premium. Thus, the amount of insurance premiums each year decreases with the debt on the loan.
If the insured event occurred - the death of the insured or the partial or total disability (assignment of the disability group I or II) during the period of the insurance contract - the insurance company begins to fulfill the obligation for the borrower to repay a mortgage loan and pay interest. Laid flat becomes the property of the borrower or his heirs.
However, there is not that simple. Not the fact that the victim or his family will certainly get insurance. The company will be very carefully considered the reasons for the loss. The contract may stipulate that insurance coverage will not be paid unless the client withheld information concerning his health, or rigged some circumstances, or was drunk at the time of the accident. "The insurance company must always adhere to the norms of current legislation and conditions of the contract of insurance. Exceptions to liability insurance as provided in the Civil Code and the rules of insurance. For example, an insured event can not be considered an event that has occurred as a result of deliberate actions of the client - warns Arsene Shiroyan. - If the insurance contract provides for certain exceptions occurred with the borrower and the case falls under one of the exceptions, the insurance company will refuse. " Based on the sad statistics of death and injuries resulting from traffic accidents, the expert concluded that the insurance company will not be denied in cases where the insured borrower died or became disabled, but they have to blame the accident. Moreover, if the insured is driving a vehicle while intoxicated, it would be grounds for denial of insurance coverage.