Mortgage Life Insurance Transfer

Approximately 70% of Portuguese people still hold their Mortgage Life Insurance with the banking institution where they contracted their home loan.

You can always switch! Decree-Law no. 222/2009 states that "interested parties have the right to choose to contract life insurance with the insurance company of their preference," meaning that clients have the freedom to select the most advantageous Mortgage Life Insurance policy and can do so during the term of the mortgage credit contract.

Our extensive experience in analysing these cases indicates that it is highly unlikely that your interest rate (spread) will increase. However, should that occur, the increase in your monthly instalment will be vastly offset by the guarantees and comprehensive scope of cover we offer, combined with the savings on your insurance premium.

Even if you lose a portion of the interest rate discount applied by your bank when transferring your Mortgage Life Insurance, you will find that after 1 year, the savings achieved with your new policy are significantly higher than the discount lost.

Yes. Our Advisors support the transfer process of your Mortgage Life Insurance. In addition to conducting a detailed analysis of the complementary document and policy conditions, they will handle requesting all necessary documents, assisting in sending cancellation letters for your current policy, and managing subsequent contact with the banking institution.

The transfer timeframe depends on the response from your banking institution and the cooperation of the new Insurer, with the minimum legally required notice period being 30 days to replace the policy securing the loan.

It may well be worth it! Although the monetary saving may be less obvious in these cases, there are still several factors at play, such as the possibility of considerably reducing the level of exclusions, increasing the guarantees and cover, and speeding up claims handling.

Yes, you can always make that choice. Decree-Law 74-A states that it may be required that you "take out one or more appropriate insurance policies related to the credit contract," but the lending institution "must accept an insurance policy from a provider that is not its preferred choice, provided that contract safeguards an equivalent level of guarantee to that of the proposed contract".

• Because it protects you and your personal and family projects
• Because it prevents the economic consequences of a premature death, an accident or a critical illness for dependent family members, or because it protects you in the event of a declared Disability.
• Because a Mortgage Life Insurance policy with two policyholders guarantees the payment of the indemnity if one of those people dies or becomes disabled.
• Because it safeguards your assets through the liquidation of contracted loans.
• Because it guarantees financial independence from third parties.