Taking out a mortgage is a major step.When signing a mortgage agreement, most people opt for the life insurance offered by the lender, unaware that there may be other options that are more affordable and tailored to their needs.
It should be noted that, under applicable law, no banking institution may prohibit the purchase of life insurance from another entity duly authorized to do so, or the transfer of life insurance associated with a mortgage, provided that the legal requirements are met.
According to a company source,“MetLife Credit Insurance is a life insurance policy designed for mortgage loans or other types of loans, which provides coverage in the event of the policyholder’s death or total and permanent disability, in order to safeguard the policyholder’s loan payments to the bank, and can offer savings of up to 45% on the cost of life insurance compared to other market offerings. The insured amount also corresponds to the outstanding balance, in accordance with the provisions of the applicable legal framework.”
It adds that, in addition to the competitive rate that reduces monthly mortgage payments, MetLife Credit Insurance also offers very comprehensive protection in the event of the insured person’s total and permanent disability, which includes the possibility of paying out the insured amount in situations that lead the insured person to become dependent on others or if, as a result of illness or accident, the insured person becomes unable to perform any occupation compatible with their abilities, knowledge, and skills.
It should be noted that this solution can be extended to other personal loans, car loans, or consumer loans, and can be taken out up to age 70, with the primary death coverage remaining in effect until age 85. Housing expenses can account for a significant portion of the family budget.
MetLife Credit Insurance not only helps reduce these expenses but also provides financial protection for the insured person’s family against events—such as the insured person’s death—that could jeopardize the family’s budget.
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