What Documents Are Needed for Mortgage Life Insurance?

Almost all banks offer a mortgage lending program. Interest rates may vary, but a mandatory condition of all credit institutions is mortgage insurance of the purchased property. An apartment purchased with a housing loan automatically becomes the subject of collateral. Therefore, the bank will require you to provide an insurance policy for your home before signing the contract. The terms of apartment insurance are usually equal to the terms of the mortgage loan.

When applying for a loan, the bank may require the borrower not only to insure the purchased living space, but also additional types of insurance, for example, life insurance, disability, etc. This significantly affects the cost of the insurance product, but is not mandatory. When insuring collateral, the bank tries to protect itself from the risk of loss of non-payment of the loan by the borrower, in other words, from the loss of expected profit.

In the event of damage to the apartment in the form of fire, flood, illegal actions of other persons, or natural disasters, all costs of compensation for damage are borne by the insurance company.

Types of insurance

When taking out a mortgage, the following is insured:

1. Purchased (collateralized) housing;
2. Life and health of the borrower;
3. Title.

Why do you take out real estate insurance?

Real estate insurance is a prerequisite for all banks. Comprehensive collateral property insurance involves insuring the structure of the house and the finishing of the apartment. The cost of such a policy is quite high, and in order to reduce it, banks use one trick: they offer an ignorant borrower to insure only the structure of the building, i.e. the walls and ceilings.

Mortgage insurance involves paying compensation to the borrower in the event of such insured events as:

• Earthquake;
• Storms and tornadoes;
• Fire;
• Shower;
• Flood;
• Aircraft falling on the object;
• Vehicle collision;
• Illegal actions of third parties.

Why are other types of insurance needed?

Banks usually offer life and health insurance to older clients (over 40 years old). This is how a credit institution insures itself against non-repayment of funds in the event of disability or death of the debtor.

There is another type – title insurance, which involves protecting the owner’s title to real estate. In light of the many fraudulent schemes that swindlers are perpetrating with real estate today, title insurance is very important in the context of mortgage lending.

Title insurance, i.e. the document on property, is included in the category of mandatory conditions and is included in the contracts of many banks.

Today, insurers have developed a number of mortgage insurance programs. Most often, potential borrowers are recommended to purchase a comprehensive policy that protects the client and the bank from most possible risks and force majeure situations. The borrower must agree on the chosen program with the bank.

Why is mortgage insurance required?

Many borrowers are negative about the idea of ​​insurance and would prefer to avoid these costs. However, is this reasonable? In fact, insurance protects the interests of both parties. Mortgage loans are long-term. As a rule, this is 10 or more years. During this period, anything can happen to the property being purchased and to the borrower himself.

On the one hand, an insurance policy allows the borrower to get out of it as painlessly as possible in an unforeseen situation that leads to financial problems. On the other hand, the bank thus protects its financial interests and reduces risks. So, think twice before you skip mortgage insurance.

Types of insurance when taking out a mortgage loan:

• constructive – insurance of purchased housing;
• life and health insurance of the borrower;
• title insurance – requires confirmation of the legal purity of the purchased property.

Prerequisites and requirements

A client who has taken out mortgage insurance needs to know what payments he will have to make during the entire loan period. The payment amount is determined by the interest rate on the mortgage. It can be paid monthly, quarterly or once a year. This point is specified in the insurance contract.

The insurance conditions of different insurers may differ in detail, but there are general requirements that all insurance companies have. The main ones are:

1. The policyholder can be an adult, legally capable individual or an organization acting as a borrower from the bank.
2. You can insure all risks as a whole or only individual risks.
3. The insurance procedure is initiated upon the application of the policyholder; the policy is valid for the entire loan period.
4. The insurance contract is concluded taking into account the requirements of the bank in which the client takes out a mortgage, in parallel with the signing of the mortgage agreement.
5. The insurance begins to “work” the next day after the conclusion of the contract.

Real estate requirements:

• The building should not be dilapidated; wear – less than 60%.
• If redevelopment has been carried out in the apartment, then there must be all documents confirming its legality.
• A real estate appraisal by an independent expert is required.
• Legal purity: absence of encumbrances in the form of collateral or arrest.
• Availability of all documents for living space.
• The insurance contract will be concluded only if all the above requirements are met.

Look at the same topic: Customer reviews of mortgages from Tinkoff Bank: is it worth taking out a mortgage from Tinkoff in [y] year?

The necessary conditions

When applying for insurance, the most important issue for the borrower is the amount that he will have to pay to the insurance company. This amount is calculated based on the annual interest rate on the mortgage loan. The borrower can pay insurance premiums in two ways:

• Paying the full amount for the year once annually
• According to the schedule drawn up when concluding the insurance contract, paying funds monthly or quarterly.

The second option is usually actively recommended and promoted by insurance companies, since in this case the total amount of the insurance premium increases slightly. Some banks offer the opportunity to take out insurance only for the amount of debt currently available. This means that as the loan amount decreases, insurance premiums will also decrease proportionally.

The conditions and requirements imposed by insurance companies on a mortgage borrower are individual for each insurer, but most often they come down to the following five points:

1. The insured may be an adult and not deprived of legal capacity who acts as a mortgagor on a mortgage loan. An insurance contract can also be drawn up by a legal entity acting as a borrower under a mortgage loan agreement.
2. Most often, insurance companies offer clients the opportunity to insure collateral property both in the range of risks specified in a specific loan agreement, and under a separate clause. For example, some loyal banks make concessions to borrowers and allow them to insure an apartment only in case of fire.
3. The insurance contract is concluded only after a written application from the policyholder and is valid throughout the entire term of the loan agreement.
4. The insurance contract is drawn up based on the requirements of the bank providing mortgage lending. An agreement is signed with the insurer directly on the day the loan agreement is concluded or the day before.
5. Property insurance begins at midnight on the date following the date of payment of the first insurance premium.

Documents required at different stages of insurance

The first stage is submitting an application. The application form will be issued to the Investigative Committee. Here you will need to enter your passport details and indicate:

1. Purpose of application (insurance of apartment, title, etc.);
2. Name of the credit institution.

The completed application form with the attached real estate documents is handed over to the employees of the insurance organization.

After the application is reviewed (and it is reviewed within 24 hours), an insurance agent works with the client who will offer an insurance program that takes into account the bank’s conditions, the cost of the property, and the selected package of services.

At the second stage, a pre-insurance examination is carried out, within which you need to provide:

• Document of title for real estate (purchase and sale agreement, deed of gift, etc.). The certificate of ownership must be obtained from the seller of the apartment. If he does not provide a title document, then such real estate should be abandoned.
• Extract from the State Register. It can be obtained in paper form by contacting Rosreestr, or in electronic form by submitting a request to the database through a notary.
• Extract from the house register. This certificate shows who is registered on the purchased square meters. It can be obtained by the apartment owner by contacting the organization that manages the apartment building (housing cooperative, RIC, HOA). This extract is very important, since people who do not currently live in it or minor children may be registered in the apartment. And hidden tenants are a problem that will definitely come to light after some time, and it will be difficult to solve.
• Consent of the owner's spouse. A certificate will be required if the owner is officially married and the housing is joint property. Consent is drawn up in writing by a notary, who will certify the document.
• Permission from guardianship authorities. This will be required if children under guardianship are registered in the apartment. Such permission can be obtained by contacting the relevant territorial authority. However, guardianship officials will issue a certificate only if the guardian confirms the availability of other housing.
• A copy of the seller's passport.
• A certificate with the personal account number used to pay utility bills. This document allows you to find out the presence/absence of debt on accounts; the type, form of ownership, degree of wear, area, number of floors, and number of registered persons are also indicated here. You can get the paper from the accounting department of the housing agency.
• Real estate appraisal report completed by an independent expert. To obtain such a certificate, you must contact a public or private appraisal bureau accredited by the bank where the mortgage is issued. Tariffs for property valuation range from 4-10 thousand rubles.
• Permission for redevelopment (if the apartment was reconstructed with redevelopment).

At the third stage, an insurance contract is drawn up, which is concluded between 3 parties:

1. Insurer;
2. The policyholder;
3. Bank.

To draw up a contract, you will need the policyholder’s passport details and the exact name of the credit institution. The characteristics of the property purchased with a mortgage are also described in detail here. If the loan agreement has already been signed at that time, then the insurance agreement indicates its number, the date of conclusion, and a payment schedule is also attached.

The signing of an insurance contract can take place both at the bank where the mortgage is taken out and at the insurance company.

At the final stage, when the mortgage transaction is registered, the bank employee, borrower or realtor submits 3 final documents to the insurance company:

• Certificate of ownership of the borrower;
• Loan agreement;
• Contract of sale.

Concluding an insurance contract is a simple and quick process. And the list of the above documents is necessary not only to complete an insurance transaction, but also to obtain a mortgage loan.

Nuances of drawing up an application

Taking out insurance almost always requires writing an application on the part of the policyholder. It can be filled out either at the insurance company’s office or remotely via an electronic form. A well-written application will eliminate ambiguities and speed up the process of applying for an insurance policy. Typically, this document contains the following items:

• A cap. The name of the contract is written down; in addition, the name of the insurance company may be present.
• Information about the buyer and beneficiary. If this is the same person, then the line may be missing.
• Apartment address and key information. The policyholder can indicate in this section the following data: the year the building was built, what material the walls are made of (brick, concrete), type of building (new building, Khrushchev), area and number of rooms. It would be a good idea to indicate the presence of additional amenities (intercom, elevator, video surveillance) and describe the infrastructure of the area.
• Risks included. If the standard package is not suitable for you, you can personally indicate the risks you are interested in, for example, insure the apartment only against fire and flooding.
• Insurance history, if you previously took out a policy with this insurer. Service in the same company is often accompanied by discounts of up to 15%.
• Inventory of the property located in the apartment, the finishing used. The more detail you describe in this section, the higher your compensation will be. Naturally, the insurance company will evaluate the value of the items you described.

There are many benefits to applying online. You don’t have to go to the insurance company’s office, wait in line or be afraid of claims from managers. However, the correctness of filling out falls strictly on the shoulders of the policyholder. If errors are found in it, you will be denied insurance and will be asked to fill out the application correctly.

After submitting your application via the website, a manager will contact you to further draw up an agreement. Some companies are ready to deliver the insurance policy personally to your home or send it by email. The electronic version of the document will be valid if the insurer has your insurance registration code in its database.

Calculation procedure and cost

The cost of the policy consists of several components and depends on:

1. Amounts, terms of the loan;
2. Type of insurance;
3. The number of insurance risks included in the policy;
4. Cost and disrepair of housing.

So standard real estate insurance will cost approximately 0.3% - 1% of its estimated value plus charges for wear and tear, dilapidation of the apartment and the number of risks chosen by the insured.

Title insurance will cost 0.1–0.5% of the cost of living space. The following will also be taken into account: the history of the apartment, the presence of legal expertise and the period that has passed since the purchase of the property by the seller.

Look at the same topic: How to get a mortgage from Tinkoff Bank? Terms and rates for mortgages from Tinkoff Bank

Life and health can be insured within the range of 0.7 - 1.5% of the estimated value of the living space. The insurance rate will also include an assessment of the borrower’s health status and activities.

The most expensive is a comprehensive policy: 1 – 1.6% of the cost of the purchased object.

How much does apartment insurance cost?

Most people have little to no idea about the real prices of home insurance. In fact, insurers offer policies lasting 1 year (the maximum possible period) costing from 500 rubles. Naturally, the compensation will be minimal, but such insurance can help in case of minor drowning from neighbors above.

If you are afraid of fire, annual apartment insurance will cost an average of 0.1% of the market value of the property. The amount of the contribution depends on a number of parameters, for example, what material the building is made of and how well it resists fire, how old the building is. All this is taken into account when announcing the cost of the insurance policy.

The most affordable insurance prices are for new homes. In such apartments there is a small chance of any communications failure, so the chance of an insured event occurring is minimal. For apartments in old buildings, especially Soviet-built ones, issuing a policy will cost more. The cost is also affected by related equipment in the building. For example, if a sauna is installed in the basement, this will affect the cost of insurance for all apartments in the house.

What to do if an insured event occurs?

The question is very important, since the procedure for paying insurance compensation depends on the correctness of the actions of the policyholder. If one of the events specified in the policy occurs, you must:

• Immediately report the incident to the appropriate authorities (police, emergency services or other authority).
• Write a notice to the insurer within the time period specified in the contract, describing the situation that occurred that led to the damage.
• Provide documents to the insurance company confirming the damage caused.

Insurance compensation must be received by the borrower before repaying the mortgage loan.

Documents for insurance renewal

Almost all insurers provide the opportunity to extend the contract without reassembling a set of documents. An exception is the assessment report, which is valid for 10 years. After this time, the insurer may request a new one. In most cases, renewal occurs remotely - by email or through official websites.

Insurance nuances

Taking out insurance is an important condition that the bank puts forward to the borrower. And if a standard real estate policy cannot be refused by law, then all other types of insurance can be offered by the bank on a voluntary basis. You can refuse them, but the bank will immediately respond to this by raising the rate by at least 1%.

The insurance organization will refuse to pay compensation if it is proven that the policyholder provided false information about the occurrence of an insured event or committed intentional unlawful acts in order to obtain insurance.

The borrower will not receive compensation from the insurance company even if he did not make payments on time, used the property for other purposes, or reported the occurrence of an insured event, violating the time frame specified in the contract.

About apartment insurance

Taking out a policy allows you to protect your property from a wide range of risks. Depending on the specifics of the contract, you can take out insurance for unforeseen situations:

• fire occurrence;
• assault or theft;
• criminal actions of third parties;
• flooding of premises;
• disaster.

If, as a result of the described actions, property was partially damaged or completely destroyed, then the owner of the apartment can count on compensation in full or in part. Voluntary insurance is useful in many situations. It is recommended to issue it when performing renovation work on premises or renting out space. During repairs, unforeseen situations often arise, and tenants do not always treat the landlord’s property and repairs in good faith. Insurance allows you to compensate for the destruction of property.

During the course of insurance, an agreement is concluded, according to the highlighted points, its scope includes:

• structural elements of the entire apartment (walls, partitions, loggias and balconies);
• any types of finishing and cladding (plastering, painting, glass, wallpaper);
• floor coverings, entrance and interior doors, window units, including glazing;
• interior stairs;
• plumbing, gas appliances;
• interior decoration, carpeting.

Please note that there may be other expensive property in the house, the insurance of which is not provided for in the standard contract. For such objects, insurance must be discussed individually. This list includes:

• construction and finishing materials;
• carpentry and plumbing machines, various pumps and other power tools;
• collectibles and antiques;
• firearms with ammunition.

Determination of the insurable value of property in an apartment is carried out through an expert assessment. Most insurance companies have in-house appraisers who calculate the market value of the insured object or apartment. Sometimes the insurance company may use the help of a third-party expert from the appraisal office. Such specialists must be appropriately licensed to conduct assessments.

Insurance can only be obtained if the apartment is the personal property of an individual or legal entity. If the object is owned by someone else, then only civil liability insurance is allowed.

What else to read:

• Apartment insurance against fire and flooding
• How to insure civil liability for apartment owners
• Concept and types of property insurance

Review of conditions of insurance companies

For convenience, we present the features of mortgage insurance from different insurance companies in the table:

Taking out insurance is an integral part of the mortgage lending procedure. It is important to choose the optimal insurance product that will provide a financial guarantee to the borrower and the bank.

Documents for life and health insurance of the borrower

Let's look at what documents are needed for life and health insurance for a mortgage. Let us immediately note that insurance companies do not always require a medical examination or the provision of official documents about the state of health. Sometimes it is enough to fill out a questionnaire in which the borrower independently indicates information about the current state of health, the presence of chronic diseases, hobbies or work associated with risks to life, and also provides passport information.

But you should not hope that this approach of the insurer will simplify the procedure for receiving insurance payments in the future. If, upon the occurrence of an insured event, it is discovered that the borrower provided false information when applying for insurance, then payments will be cancelled.

When concluding a life and health insurance contract, the insurer may additionally require:

• passing a pre-insurance medical commission;
• an extract from the medical history (if one was indicated when filling out the questionnaire);
• an official certificate of absence of hereditary, chronic and oncological diseases;
• information about playing sports that are hazardous.

We'll tell you what documents are needed for life insurance for a mortgage.

Purchasing a life and health insurance policy is a voluntary initiative of the client. But the choice of such insurance is very important, since it is the one that provides reliable insurance protection in the event of death or disability.

Let's find out what documents are needed for life insurance for a mortgage.

List

To draw up an insurance contract, you need to select an insurance company and provide it with a package of documents.

The peculiarity of life insurance is that the client is asked to provide information not only about the amount of the loan he received, but also about his health.

Is insurance required? ►►

Typically, all this data is indicated in the insurance application form.

The list of documents includes:

• copy of the passport;
• a copy of the loan agreement;
• application for insurance (questionnaire).

The insurer may ask to undergo a medical examination and provide certificates if the questionnaire indicates serious illnesses.

The application also asks the borrower to talk about past or current diagnoses, as well as the facts of seeking medical care. Read about comprehensive insurance ►►

The company will be interested in all injuries, operations, facts of disability that the borrower had.

You will have to talk about your profession, education, and active sports.

All this information affects the assessment of insurance risk and the size of the insurance tariff.

Some clients, for example, with already established disability of 1-2 groups, may not be accepted for insurance at all.

The insurer will also need information related to the loan agreement (all information about the loan, subject of lending, term, amounts).

Get a rate comparison and find out where mortgage insurance is cheaper

Basic terms of the agreement

The borrower receives protection against the risk of sudden death from an accident and illness during the period of validity of the insurance contract.

Another important risk is the official identification of group 1 or 2 disability, which leads to loss of ability to work.

Insurance conditions:

• insurance amount - the amount of debt on the loan;
• insurance rate from 0.15 to 1.5-2% of the sum insured (depending on age, gender, health status);
• insurance period - at least 1 year.

The borrower has the right to insure only real estate and refuse life insurance.

But to limit such phenomena, banks introduced hidden penalties - increasing the loan rate by 1 percentage point if the client buys only one type of insurance.

Policy: how to refuse a manager? ►►

Term

The policy is issued for at least a year or for the entire loan term with annual renewal.

You can renew your policy directly on the insurers' website.

To do this, you will need to update the version of the questionnaire and send all the necessary information to the insurer. There is no need to re-issue insurance - payment within the time period specified in the contract is sufficient.

If you refuse life insurance on your mortgage during the period of validity of the insurance contract, you can even get back part of the funds spent on insurance, minus the insurer’s expenses for running the business.

What is an insured event?

An insured event is considered to be the death of the insured person due to illness or accident, as well as the establishment of disability of group 1 or 2.

Let's compare the mortgage insurance rate and the increased loan percentage when canceling the policy

An accident means:

• bodily injury as a result of explosion, burn, frostbite;
• bruise, wound, fracture, displacement, rupture of vertebral discs;
• accidental acute poisoning and other accidents.

The insured event must occur during the validity period of the insurance contract. If the client is late in payments and does not renew the policy, then he risks not receiving payment.

Reasons for refusal to pay

The insurance contract contains a whole list of events that the insurer does not recognize as an insured event.

For example, payment will be denied if the injury or illness was caused by the intentional actions of the insured.

Attempting suicide is one option. Or, if the event did not occur during the validity period of the insurance contract.

https://www.youtube.com/watch?v=8bzFe7L_hks

The commission of a crime will not be considered an insured event.

The most common problem is the presence of an occupational or general disease that the borrower had before the date of concluding the insurance contract.

Clients often prefer to remain silent about them when filling out the questionnaire, which leads to refusal of payment.

Do I need insurance every year? ►►

Actions in case of an insured event

If an insured event occurs, you must notify the insurer within a month.

Along with the application for payment, you must provide a package of documents confirming the validity of your claims.

List of documents:

• statement;
• copy of passport, loan agreement;
• death certificate, inheritance certificate (if the borrower died);
• medical certificates confirming injuries and illnesses;
• ITU certificate of disability.

Documents about what caused the disease may also be required, for example, a report of an industrial accident or a traffic police report on the accident.

Having received the documents, the insurer analyzes them and makes a decision on recognizing the insured event or refusing to pay.

The decision on insurance payment is made by the Insurer if the event is recognized as an insured event and in the absence of grounds for refusing insurance payment.

If the decision is positive, then the payment is made within a week after approval of the insurance act.

The money is transferred to the bank account, that is, the beneficiary. If a payment is refused, the company is obliged to send the creditor bank a letter justifying the refusal. A period of 1 month is given for this.

Are there legal ways to get your mortgage insurance back if you pay off early?

Pay

Insurance payments cannot exceed the insurance amount established under the contract on the date of the insured event.

Depending on the severity of the injury, a percentage of payment is assigned (for a brain injury, up to 5% of the insured amount is paid, and for a broken arm, for example, 2%).

If the insured receives several injuries or injuries, the amount of payment for one item is calculated regardless of compensation for other events.

How much can you expect?

In the event of disability, you can receive up to 60-100% of the sum insured (the largest percentage is provided for group 1), and in the event of death - 100%.

This is directly stated in the contract in the section describing the amount and procedure for payment of insurance compensation.

What does the cost depend on?

The insurance rate consists of the base rate and the sum of the coefficients. The insurance rate when prolonging the insurance contract for the second and subsequent years may be reduced if there have been no requests for payment.

The cost of insurance depends on:

• borrower's age;
• gender;
• loan size;
• professions;
• health conditions;
• borrower's sports hobbies.

The insurer has the right to apply adjustment factors from 0.9 to 10.0 to basic insurance rates.

Such adjustments occur in connection with circumstances that are significant for determining the degree of insured risk (such as health status and profession, etc.).

The highest tariff is provided for men aged 51 to 65 years (from 1% of the insured amount and above), the most affordable is for women aged 21 to 40 years.

What are the features of apartment insurance with a military mortgage?

Sample

So that the terms of the contract and its contents do not come as a surprise to you, we have prepared an insurance contract as a sample.

Read it to prepare for your meeting with your insurer. Sample.

Source: https://strahovoi.expert/lichnoe-strahovanie/zhizn/pri-kredite/strahovanie-ipoteki/kakie-dokumenty-nuzhny.html

Online insurance calculator

On our website you can use an online calculator. To do this you need to enter the following data:

• the city in which the mortgage is issued;
• Name of the bank;
• object of insurance;
• risks;
• personal data of the borrower.

Important point! After all fields are filled in, click “Calculate”. After a few seconds, the service will display the cost of the certificate. If you wish, you can pay for the policy online and receive it by mail. Next, you need to print it out, sign it yourself and take it to the bank. Typically, such a policy is 10% cheaper than a similar one issued at a bank or insurance office.

Insurance cost

Insurers often offer comprehensive coverage that includes property, health and title protection. Such a program is sometimes cheaper than purchasing policies individually.

The cost of insurance depends on:

• requirements for the policy from a specific bank (sometimes they require an increase in the insured amount by 10 - 15% compared to the amount of the loan agreement);
• mortgage loan amount;
• gender and age of the borrower;
• his state of health (presence of chronic and hereditary diseases, previous operations, etc.);
• position held and working conditions;
• lifestyle (playing sports, including extreme sports, smoking, alcohol abuse, types of hobbies).

The answer to the question “Where is it cheaper?” difficult. Unfortunately, not all companies have a calculator that will allow you to roughly calculate the cost of a health policy. If you want to buy it separately from the property insurance policy, you will have to seek advice from the insurer.

Ingosstrakh

At Ingosstrakh you can issue one-year and multi-year life insurance policies. I used the calculator on the website. It allows you to separately calculate the cost of a life insurance policy. The final amount differs greatly depending on the type of bank from which the mortgage is taken out.

Input data for example:

• loan amount – RUB 3,000,000. at 10% per annum;
• the apartment with the acquired title is insured;
• borrower – born in 1976.

Let's compare the results. Firstly, Sberbank gives a 15 percent discount for online registration. And VTB increases the insurance amount by 15%, Gazprombank - by 10%. Secondly, the price is higher for male borrowers. In Sberbank for almost 3,000 rubles.

Ingosstrakh is accredited with most banks. The policy can be issued online, payments under the contract can be made there, or it can be renewed for a new term.

Sogaz

The Sogaz company offers a comprehensive insurance program or individual policies. Comprehensive protection, in addition to the three components listed earlier, also includes insurance of the borrower’s liability for loan failure.

In the calculator, you can select your bank from 26 offered or write one that is not on the list. To compare the calculation results with Ingosstrakh, I chose the same banks. This is what happened.

This is the best price I could find among insurance companies, especially for women. One can only guess how much it will be when applying for a real policy. The company warns that the calculation is preliminary.

The application is submitted online. As part of the documents, you must attach a scan of your passport.

RESO-Garantiya

The company allows you to separately calculate the cost of a health policy. I left the original data from the previous example. As a result, insurance for women amounted to 11,730 rubles, for men – 25,470 rubles. The difference is huge. RESO warns that the calculations are preliminary. The agent will tell you the exact cost. In addition, the calculation cannot be applied to mortgage agreements with Sberbank and Dom.rf.

One of the advantages of RESO is a free medical examination, if required by the contract. True, only in Moscow. The need to undergo it depends on the age of the borrower and the loan amount:

• up to 45 years - only for mortgages of 15 million rubles and above;
• 45 years – from 12 million rubles;
• 56 years – from 1.5 million rubles.

Where do they provide mortgage insurance - top 5 companies

Let's consider the conditions of 5 popular insurance companies where you can insure life and health for a mortgage. The comparison uses data from the authoritative rating agency Expert RA (raexpert.ru) from the rating of the financial reliability of insurance organizations providing life insurance services.

Ingosstrakh

One of the largest and well-known companies on the Russian market. The rating agency "Expert RA" characterizes Ingosstrakh with high credit capacity, financial reliability and stability (ruAA).

The organization has attractive offers for mortgage insurance. Ingosstrakh has offices even in small towns and villages. The website has a special calculator that will help calculate the cost of insurance based on various conditions.

After the calculation, the client will be offered to issue an insurance policy and pay for it online, without leaving home. After payment, a letter with a policy certified by an electronic signature is sent to your email. The client only has to sign it on his part.

Life and health insurance with Ingosstrakh has the following advantages:

1. Large, stable and solvent company.
2. Widespread in regions and small towns.
3. Discounts for online registration. For example, for Sberbank clients the organization provides a 15% discount when applying for a policy online.
4. There is a convenient calculator for calculating the cost of insurance.

Insurance calculator

You can calculate your insurance using a special Ingosstrakh calculator and apply for it online directly on our website or on the insurance company’s website using this link.

For example, the annual cost of life and disability insurance for a 35-year-old female borrower, for a mortgage taken out from Sberbank at 10% for an apartment with registered ownership, with a debt balance of 1,500,000 rubles, will cost 5,211 rubles (with a 15% discount) .

Calculated the cost of life insurance in Ingosstrakh

VSK Insurance House

A fairly large and well-known company, with a moderately high level of reliability and financial stability (ruA+) according to the Expert RA rating agency.

Ranks 7th in terms of fees in the life insurance niche. The regional network includes more than 500 branches and offices throughout the country. It is possible to issue a policy online, but the rates are quite high.

We will calculate the cost of insurance at VSK. The conditions are the same as in the previous example. The cost of insurance under the “Protected Borrower” program will be 5,100 rubles. However, the amount is not final and may change upward if you provide additional data (weight, place of work, etc.) when filling out the form.

RESO Guarantee

The organization provides voluntary insurance against accidents, illnesses, and life insurance. The company's reliability rating, according to the Expert RA agency, is ruAA+. An organization with a high level of reliability, creditworthiness and financial stability.

RESO-Garantiya is a member of the All-Russian Union of Insurers and the Federal Self-Regulatory Union of Insurance Organizations. It is the only company that insures clients over 60 years of age. The official website has a convenient cost calculator.

Having calculated the cost of insurance on a calculator with the same conditions, we get the amount of 3,555 rubles. The amount may change if you provide additional information to issue a policy. For Sberbank the result is not valid, the cost will be higher.

Insurance calculation in RESO guarantee

Sberbank life insurance

A subsidiary of Sberbank of Russia, it was created to insure the lives of its borrowers. The line of tariffs includes the “Protected Borrower” offer for mortgage clients. Allows you to reduce the Sberbank mortgage rate by 1%.

The Expert RA agency characterizes the company with the maximum level of creditworthiness, financial reliability and stability (ruAAA). The rating outlook is stable.

Among the advantages, we highlight the reliability and stability of the company, the ability to issue a policy on the official website online with a 10% discount. The maximum debt balance is 1,500,000 rubles; if the amount is larger, insurance is issued at a bank branch.

The disadvantage is the high cost of the policy - 30-40% higher than that of other accredited insurers. A calculation on the Sberbank website shows that the cost of insurance under the same conditions will be 5,160 rubles.

Cost of life insurance at Sberbank

SOGAZ Life

Subsidiary and Rossiya Bank. A serious company, with the maximum level of financial reliability and stability according to Expert RA (ruAAA rating). Mainly accepts mortgage clients of Gazprombank, who have practically no chance of insuring themselves in another organization.

The company is actively developing classic long-term life insurance primarily for corporate clients, bank life insurance for borrowers, cooperating with banks, and long-term life insurance for individuals who are not employees of partner companies.

The basic life insurance rate for Sberbank is 0.21%. With an insured amount of 1,500,000 rubles, the cost of the policy for 1 year will be:

1,500,000 / 100% * 0.21 = 3,150 rubles.

One of the most inexpensive options for Sberbank.

Benefit from insurance

Many potential borrowers do not even think that it is possible to find a tariff with a lower cost. This is due to the fact that credit managers do everything possible to purchase a policy from a specific company, quickly and without visiting another institution.

As a rule, collective insurance and work ability programs are imposed. The borrower is only required to have a policy and join the offer. In some cases, deception and intimidation are used that the current application will not be approved. The lender's main goal is to complete the implementation plan.

The tariff for this program is slightly higher than that of similar operators. The borrower will be required to pay several times more than the actual cost, when he does not even suspect that he has the right to choose an accredited insurer. The only way not to overpay a significant amount is to clarify the situation yourself and insure yourself elsewhere.

Insurance case

Types of insurance cases:

1. Death of the insured person. The insurance company takes full responsibility for paying off the remaining balance of the mortgage loan. The heirs are released from this and become full owners of the home when the loan is fully repaid and the encumbrance is removed from the apartment or house.
2. Disability of the 1st and 2nd groups. The insurer pays off the mortgage: in whole or in part. Specific conditions are specified in the contract.
3. Temporary loss of ability to work in case of illness. The insurance company assumes the burden of repaying part of the debt in proportion to the time the borrower is on sick leave.

If you carefully read the insurance rules and the contract, you will definitely find descriptions of cases when compensation is denied. For example:

• borrower suicide;
• intentionally causing harm to one's health;
• occurrence of an insured event while intoxicated: drugs or alcohol;
• the borrower is registered at a dispensary with AIDS;
• commission of a crime by the borrower, which resulted in an insured event;
• driving a vehicle without a license.

If an insured event occurs, you must:

1. Immediately contact a medical organization for help.
2. Call the insurer's hotline.
3. Provide documents confirming the fact of death, illness or accident (the exact list depends on the specifics of the insured event).