How to Transfer Your Mortgage Life Insurance Quickly and Easily

Did you know that you can transfer your mortgage life insurance to another insurer at any time during the term of the loan?

This is good news for anyone looking to save money, since switching to this plan will result in significant annual savings. In most cases, a new mortgage life insurance policy can result in savings of up to 60% compared to the current one. Furthermore, in most cases, switching policies doesn’t even increase the spread.

Are you interested? If so, know that with EXS’s help, you can compare the various offers available on the market, assess how competitive your insurance is, or find out which life insurance policy is best for you. Request a quote now or call us at 21782 76 40

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How do I transfer my mortgage life insurance?

With the entry into force of Decree-Law No. 222/2009, changes were made to the regulations governing life insurance policies linked to home loans, particularly with regard to strengthening consumer rights. As a result, you can now choose the insurer that offers you the best terms—within your bank’s requirements—and transfer the life insurance linked to your mortgage to another insurer, which clearly benefits you.

In practice, even if a financing process is already underway, it is possible to take out a new insurance policy to replace your current policy—which is usually recommended by the bank. For the transfer to be possible, the new insurance policy and its coverage plan simply need to meet the requirements set forth in the mortgage contract.

EXS ensures an efficient transfer of your mortgage life insurance and provides you with full support. To clarify any questions, please contact us now at 21782 76 49

What important information should be taken into account?

• You may take out your mortgage life insurance with an insurer other than the one proposed by the bank where you are taking out or have taken out your mortgage.
• If your current life insurance policy is linked to other products you have purchased from the bank, you have the option to replace this coverage with another product in order to maintain the minimum coverage required and specified in your loan agreement.
• If the transfer results in a slight change in the spread, consider the financial impact this will have when you switch to a new, more competitive life insurance policy. Generally, the savings from transferring the policy more than offset the slight increase in the spread that only a few banks may charge.
• Consult with EXS and rely on a specialized and experienced team that will assist you throughout the entire process.