Contrary to popular belief, there are few situations in which it is mandatory to insure. Thus, only third party liability has been made compulsory: you must be insured for any damage you may cause to others. Yet we subscribe insurance for our cars, our homes, for our health. Why ? because, thanks to pooling, insurance makes it possible to insure against an uncertain risk that would often be too heavy to bear alone.

The problem is that we often pay too much for everyday insurance.

For Wealth A7, the goal is for everyone to pay the right price for the right insurance and nothing more.
Our approach is comparative: we compare contracts available on the market to offer you the best services at the best cost.

In the past, it was difficult to change insurance during life. Today, law allows you to do this. Take advantage of it: this is the best way to review your guarantees and make great savings!

Are you tired of paying too much insurance? To be insured twice for the same thing? You got a great rate for your bank loan but credit insurance explodes the budget? You would like to take out a guarantee against unpaid rent but you think the cost is too high?

Let's take stock of your contracts and with Wealth A7, start saving!

Life and health insurance

Life and health insurance - subscribed individually or collectively - aims to cover the risks related to individuals and protect you against the financial consequences of a personal injury, illness, the death of a beloved one or even disability.

We can distinguish between provident insurance (this category includes borrower insurance, education pensions in particular) and health, the latter being covered on one side by compulsory schemes (in particular Social Security) and on the other by the additional guarantees that everyone can choose to subscribe to through mutuals and / or insurers.

This type of insurance can be very useful to the entrepreneur with the "key-man" guarantee - who can be a "key-woman" :). Indeed, the prosperity and durability of many companies rests on the shoulders of a single individual: the entrepreneur. If he or she falls ill or gets injured, the survival of the company is threatened. Unless you have subscribed to the right insurance policy!

Loan insurance

BORROWER INSURANCE deserves a chapter! Changes in law (Hamon law, Bourquin amendment) have created more flexibility for underwriting and changing credit insurance. New players seized the opportunity by offering, for equivalent guarantees, far more attractive tariffs than bank rates. For you, it is often a saving of several thousand euros!

The borrower insurance to guarantee a loan makes it possible to be insured in the event of death, disability and / or loss of employment. We commonly speak of ADI (Death and Disability Insurance).

It's a security:

  • for the bank - it is sure to be reimbursed in the event of death, disability or loss of employment - depending on the options chosen by the subscriber;
  • for you and your family since if any of these events occurs, the insurance comes into action: the loan is repaid, the property is yours.

The insurance can be subscribed with the lender but you can also opt for a delegation of insurance by soliciting the insurer of your choice. The level of guarantee must be equivalent to the insurance contract offered by the lender.

Can I change my insurance during the loan?

The Lemoine Law

The Lemoine law, published on February 28, 2022, will come into force in June 2022. This legislation will allow competition between banks and different insurers and will replace two texts, the Hamon law (2014) and the Bourquin amendment (2018).

 

At the moment

The Hamon law and the Bourquin amendment have clearly simplified the procedure for changing loan insurance.

 

Articulation of the law concerning the borrowers' insurance

 

 

Loi Hamon  (2014)

Amendement Bourquin (2018)

 

Cancellation before the end of the first year of the contract

 

Possible at any time

 

X

 

Cancellation after the first year of the contract

 

X

 

Possible BUT only on the anniversary date

 

Notice period  

 

15 days             

 

2 months

 

The problem with these various measures is that banks often used notice periods and delayed their response in order to miss the anniversary date.

 

 

A radical change beneficial to the consumer

 

The Lemoine law will simplify the steps of the consumer.

From now on, the borrowers' insurances attached to a real estate loan which were subscribed with the banks or after the insurers will be able to be cancelled at any time of the contract, without condition of "anniversary date".

This measure will come into force on June 1, 2022 for contracts signed after this date and on September 1 for contracts already in force on June 1.

This measure will allow the client to find a better insurance from the day after the loan offer. In general, the group insurances proposed by the banks remain significantly higher.

Attention: there is however a condition to which it is necessary to pay attention, the banks have the possibility of refusing this change if the insurance to which you wish to subscribe does not offer guarantees equivalent to the current one. In this case, you will have to find a better insurance.

 

 

Procedure: how to change insurance in practice?

 

1st step: you have to look for a new insurance at a lower cost than the current one but with, at least, an equivalent coverage.

2nd step: once you have chosen the insurance, a letter of cancellation must be sent to your bank with a copy of the quote for the insurance you wish to choose. This letter must be sent by registered mail.

3rd step: the bank has only 20 days to respond. It can accept or refuse the cancellation. However, if it refuses your cancellation, it must justify itself, under penalty of a fine of 3,000 euros.

You wish to change your loan insurance ? Our wealth management advisors can find the insurance that will meet your needs and also take the necessary steps for you.

 

Abolition of the health questionnaire

 

The Lemoine law also chooses to abolish the health questionnaire for loans meeting the two conditions:

- 1st condition: the loan is for an amount of less than 200 000 euros.

- 2nd condition: the loan matures before the 60th birthday of the borrower.

Attention: the cash condition is valid for each insured, which means that a loan of 400,000 euros supported by two borrowers may be exempt from the questionnaire. However, the 200,000 euro ceiling applies to all outstanding credit contracts.

According to the initiator of the project, this reform should concern half of the real estate loans. This will allow some borrowers to obtain their loan at conventional rates, without additional premiums.

 

Right to be forgotten

 

The right to forget allowed people who suffered from cancer to no longer be obliged to declare it after 10 years. From now on, the right to forget is reduced to 5 years from the end of the therapeutic protocol and also includes Hepatitis C.

Finally, in the three months following the entry into force of this law, the signatories of the AERAS convention (to insure and borrow with an aggravated health risk), which are notably banks, will have to meet and determine which new diseases could enter the system of the right to be forgotten. However, if this negotiation does not succeed, a decree could determine which diseases will be concerned.

 

Real estate is a key investment for your assets. Our asset management consultants can find the best loan conditions for you and accompany you throughout this process.

What is the insured percentage?

When there are several borrowers, it is necessary to specify the share of the insured capital for each one: it is the insured quota.

For example, if there are 2 co-borrowers, it is possible:

  • to insure each co-borrower for 100% of the borrowed capital. If one of the co-borrowers dies, the insurer will reimburse the bank for all remaining outstanding capital;
  • to insure each co-borrower for a portion of the capital, for example up to 50% each. In the event of the death of one of the co-borrowers, the insurer will pay the bank 50% of the outstanding capital, which is the share of the deceased co-borrower.

Property and liability insurance

You must have one or more contracts to insure your property. So you're sure you can save money today and we'll explain how!

Goods insurance covers the branches of insurance that are not directly related to human life. They are very diverse and contribute directly to the sustainability of economic activity and of your assets.

Auto, motorcycle, boat... insurance is used to protect your property once the risk has happened. Thanks to the property and liability insurance policies, your insurance will reimburse you for damages or the cost of repairs, it may also provide you with a courtesy vehicle while yours is under repair, pay your legal costs and much more.

Real estate: in terms of real estate guarantees, there are several types of insurance. For your primary or secondary residence, the household insurance. For rental real estate, the Non-Occupying Owner, Unpaid Rent Guarantee, the legal protection of landlords and the Collection of Unpaid Rent. For all your belongings: the resale protection insurance.

Being well insured does not mean that you always have to pay a high price. The insurance market is very competitive. With us, play this competition by comparing offers!

At stake: benefit from better guarantees for the same price or keep the same guarantees by paying less.

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