Whoever buys an owner-occupied home or makes another long-term investment usually opts for a mortgage loan or another form of loan. This makes it possible to work on your future and at the same time lead a financially comfortable life.
Do you want to provide the same security and comfort to your loved ones? Then it is best to also take out a balance insurance with a correct price-quality ratio. Comparing debt balance insurance is a must in order to arrive at a formula with the best conditions.
Comparing debt balance insurance: choose the term in advance
Comparing the debt balance insurance of each insurer requires the necessary objectivity. It is therefore important not to compare apples with pears. Therefore, determine in advance over which term you want to pay the premiums and use it as a starting point for your comparison. These are the options:
- One-off premium : you pay the premium immediately when you take out your loan. Often this is the most advantageous formula in case of taxation at the end of the year, moreover there are no fractionation costs in this payment method.
- Annual constant premium over two thirds of the term : ideal for those who prefer a spread payment.
- Six-monthly, quarterly or monthly premium payments over two thirds of the term : the payments are spread even more. Take fractionation costs into account.
When comparing debt balance insurance it is equally important that you always use the same percentage coverage. There are also many options possible:
- The percentage coverage with the highest certainty is that where each partner insures for the full 100% of the capital . After all, the remaining partner does not have to pay anything off after a death.
- If you opt for a 50-50 ratio , the remaining partner is still responsible for the repayment of 50% of the insured, not yet repaid capital.
- Prefer a 60-40 ratio or a 75-25 ratio? That is also possible, as long as you choose the coverage that offers the best protection for you. The relationships are usually taken on the basis of the wages of both partners.
Comparing debt balance insurance: online simulation at an independent institution
When you have determined the term and percentage coverage, it is time to compare the debt balance insurance. A good idea is to start with an online simulation at an independent institution such as mefirst or Immoweb (under ‘Insure your mortgage credit’ in the listings). You can easily compare the formulas of different insurers, that way you immediately get a clear overview of different providers with their different formulas!
Online simulation at the insurer itself
After the above simulation, do you still have doubts between a few insurers? Then certainly do a debt balance insurance simulation on the website of the insurers themselves . This way you immediately know which criteria (eg smoking behavior) each insurer uses for the calculation of the cost price.
The online debt balance insurance simulation at Good Credit is already simple and fast. You enter a few details and almost immediately you will see a simulation with an annual premium or a one-off premium !