Mortgage Life Insurance Transfer

Around 70% of Portuguese people still hold their Mortgage Life Insurance with the bank from which they took out their loan.

You can change it at any time! Decree-Law No. 222/2009 states that “interested parties have the right to choose to take out life insurance with the insurance company of their preference”, meaning that customers are free to choose the most advantageous Mortgage Life Insurance and may do so during the term of the loan agreement.

Our extensive experience in analysing these cases shows us that there is little likelihood of your spread increasing but that, should this happen, the increase in your instalment will be largely offset by the guarantees and breadth of cover we offer, on top of the savings on the value of the insurance premium.

Even if you lose a percentage of the discount granted by transferring your Mortgage Life Insurance, you will find that, after 1 year, the savings with the new insurance are considerably higher than the discount lost.

Yes. Our Brokers support the process of transferring your Mortgage Life Insurance, and in addition to carrying out a detailed analysis of the supplementary document and the policy conditions, they will take care of requesting all the necessary documents, assisting with the sending of cancellation letters for the current policy and, if necessary, handling subsequent contacts with the bank.

The transfer time depends on the response of the banking institution and the cooperation of the new Insurer, with the minimum period provided for by law being 30 days for replacing the policy that secures 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 you may be required to “take out one or more suitable insurance contracts related to the credit agreement”, but that the lender “must accept the insurance contract of a provider other than its preferred one, provided that contract safeguards a level of guarantee equivalent 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 settlement of the loans taken out.
• Because it guarantees financial independence from third parties.