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To understand the coverage split between two co-borrowers, identify the share of the loan covered for each person, then consider it alongside the benefits and their conditions. Ask the insurer to clarify the scope of each share under your policy. This is general information, not a recommendation for how to split coverage.
The personalised information sheet states the extent to which the loan must be insured, as well as the type and content of the required benefits. Use it as a starting point: it describes the lender’s requirements, while the proposal and information notice allow you to examine the proposed coverage.
Consider the share and the benefit together
For each co-borrower, note the stated share and the associated benefits. If the presentation seems ambiguous, ask for a separate explanation for each person. Keep this review with your application documents so that you can check it against the insurance terms.
Borrower insurance covers all or part of the repayment instalments on the outstanding mortgage loan in specified circumstances, including death, total and irreversible loss of autonomy, permanent disability or temporary incapacity for work. Job loss may also be covered: this benefit is optional.
To assess the consequences of an event affecting a co-borrower, consider their covered share alongside the relevant benefit and the conditions for making a claim. The information notice lists the risks covered and the conditions for obtaining repayment of the loan. Ask the insurer to explain what these details mean for the person concerned and for repayment.
Start with the lender’s requirements
The lender defines the features of the required insurance according to the type of mortgage loan and the borrower’s employment status. In particular, it specifies the extent to which the loan must be insured, in full or in part. It also defines the content of the benefits, such as their coverage period.
In the personalised information sheet, first identify the required level of insurance, then the type and content of the benefits. Ask the lender how the proposed split meets these requirements. Keep the sheet handy when reviewing a proposal: it is a reference for the criteria the chosen policy must meet.
Review the proposal and the information notice
In the insurer’s proposal, check the benefits granted, the conditions for triggering them, the exclusions and the stated cost. This information appears in particular in the proposal described by Service Public when the application does not fall under the Aeras agreement after a medical questionnaire. If your situation falls under another procedure, ask the insurer which documents to review.
The information notice must contain all the clauses of the insurance policy. Read it alongside the proposal and ask for clarification about any condition or exclusion you do not understand. This helps distinguish the share stated for each co-borrower from the circumstances in which a benefit can be claimed.
Compare a simulation and a proposal
The lender provides a simulation of the loan and the insurance it might offer. The standardised information sheet sets out, among other things, the minimum benefits required and the approximate cost of the proposed policy. The total cost of the insurance over the term of the loan must also be communicated to you in euros.
To compare, note the benefits, their conditions and the costs in the available documents. A simulation helps you examine a possible offer; compare it with the proposal and the information notice before deciding whether to take out a policy. If a difference seems difficult to interpret, ask the lender or insurer for an explanation.
You can also approach another insurer. The chosen policy must meet the criteria in the personalised information sheet provided by the lender. For each proposal you review, follow the same process: the share stated for each person, associated benefits, conditions, exclusions and cost.
If you are reviewing an existing loan
Find your information notice and ask for clarification if you are uncertain about the split or the conditions for claiming a benefit. You can change insurers at any time after signing the mortgage loan agreement, subject to the lender’s approval of the new policy. The lender may check that it meets the coverage level of the original insurance.
Before deciding, ask the lender and insurer how the proposed shares and benefits apply to your situation. This approach allows you to ask specific questions about the policy, without settling on a split presented as suitable for everyone.