Insurance companies do not have pre-set rates that are standard for all clients. They analyze various factors and, based on this analysis, offer individual conditions to everyone. Such factors may include:
Age: Older clients face more risks than younger clients, so financial protection for life and health will cost more.
Presence of diseases . In the presence of chronic diseases, the cost of the policy naturally increases.
Family status . Family people are considered to be more responsible and less prone to risky behavior. For them, financial protection may cost a little less.
Amount of insurance coverage . This factor is significantly affected by find your mobile number database the loan amount: the larger it is, the more expensive the insurance will be.
List of insurance cases . If the insurance company is only obligated to pay the borrower's debt obligations, the cost of the policy will not be very high. If other expenses are added to the list (for example, payment for treatment), the price increases.
Number of accidents and injuries in the past . Insurers offer less favorable conditions to clients who frequently get injured and get into accidents.
Work experience. This criterion is important if you are applying for financial protection against job loss. The longer your work experience in a particular organization, the lower the probability that you will be laid off. Accordingly, the cost of the policy is also reduced.
If you decide to take out insurance, you have the right to do so with any company. Contact different insurers, review their offers and choose the most advantageous one.
You can pay for the policy from your own funds or include its cost in the loan amount. If you choose the second option, you will have to pay interest at the bank's rate.
Pros and cons of life insurance when taking out a loan
For the bank, it is an obvious advantage if the borrower insures himself against financial risks. For the lender, this means that there will be no problems with the return of funds. This reduces banking risks and possible costs.