Carrying out a loan consolidation without insurance attracts the curiosity of some borrowers. However, is this operation possible without insurance?
The desire for a loan despite receiving sickness benefits is unfortunately not easy to fulfill. Sickness benefit is only part of the conditionally attachable income. The article will put together for you what credit opportunities there are, where the problems lurk.
Credit consolidation without insurance: possible?
During a loan buyback operation, the borrower must be insured if he wants to increase his chances of obtaining financing.
However, it is possible to carry out this operation without having taken out insurance. However, very few financial institutions will grant financing in this type of case and today it is very complicated, if not impossible, to obtain this type of operation without coverage.
This is explained by the financial fragility of some borrowers do not present enough guarantees of risks, accompanied by banking institutions wishing to ensure repayment of the loan optimally.
In addition, even with significant wealth and high income, the borrower must take out insurance on pain of being refused his request for loan consolidation.
The cost of my insurance in a repurchase of credit
The majority of borrowers wishing to redeem their outstanding amounts without insurance are mainly motivated by the cost of coverage, especially for elderly households or those with health problems.
However, it is important to emphasize that purchasing insurance can help the borrower avoid several problems.
Indeed, the insurance of total and irreversible loss of autonomy or the partial permanent disability insurance of work will allow the borrower to be able to repay his credit in the event that he would suffer an accident preventing him from finding a professional activity.
Other insurance such as permanent disability and temporary disability work will also allow the borrower can repay the credit if it would suffer prolonged sick leave.
However, to get a loan consolidation some insurance such as insurance or death insurance death and disability has become almost mandatory.
The insurance policies mentioned above represent those which are the most taken out during a loan consolidation operation. Depending on their situation and needs, a professional advisor can advise the borrower of the necessary insurance.