{"id":583,"date":"2023-07-02T00:00:00","date_gmt":"2023-07-02T00:00:00","guid":{"rendered":"https:\/\/exs.suba-agency.com\/sabia-que-nao-e-obrigatorio-ter-o-seguro-de-vida-habitacao-no-banco\/"},"modified":"2026-06-26T14:26:20","modified_gmt":"2026-06-26T14:26:20","slug":"did-you-know-that-its-not-mandatory-to-have-home-life-insurance-through-the-bank","status":"publish","type":"post","link":"https:\/\/exs.pt\/en\/blog\/did-you-know-that-its-not-mandatory-to-have-home-life-insurance-through-the-bank\/","title":{"rendered":"Did you know that you're not required to have home life insurance through the bank?"},"content":{"rendered":"

Renegotiate or switch\u2014these are the two options that banks don\u2019t disclose to their customers, but which can save you hundreds or even thousands of euros on your mortgage life insurance.<\/p>\n

It\u2019s normal to be concerned about the spread and Euribor rates, since these are two variables that can directly affect your monthly payment. However, there are several solutions where this isn\u2019t the case.<\/p>\n

If you're thinking about applying for a mortgage or already have one and want to lower your payments, read this article and find out how much you can save.<\/p>\n

What Your Bank Doesn't Tell You About Home Life Insurance<\/h2>\n

By law, you are not required to purchase the mortgage life insurance required by the bank.<\/p>\n

Decree-Law No. 222\/2009 establishes a set of rules that prevent banking institutions from requiring customers to purchase insurance from the insurers with which they have partnerships.<\/p>\n

\u201c(\u2026) interested parties have the right to choose to purchase life insurance from the insurance company of their choice (\u2026).\u201d<\/p><\/blockquote>\n

Unexpected events happen. Having an emergency plan ensures that, in the event of death or disabling disability, both the banks and the policyholders are protected.<\/strong><\/p>\n

In these situations, the coverage is triggered and the outstanding credit balance is settled.<\/p>\n

\"what-your-bank-doesn't-tell-you-about-home-life-insurance.jpg\"<\/p>\n

Banks' Mortgage Life Insurance: The Decision<\/h2>\n

Banks require borrowers to purchase insurance at the time the loan is taken out, but there is no obligation to purchase the insurance offered by the bank.<\/p>\n

Transferring your insurance policy may give you more favorable terms, such as:<\/p>\n

\u2014 Reduction in the premium to be paid;
\n\u2014 Possible expansion of coverage and reduction of exclusions.<\/p>\n

Benefits of Mortgage Life Insurance Separate from the Loan<\/h2>\n

The premium amount should decrease as the outstanding balance is paid off. However, age is also a factor. With each passing year, the risk of death increases, so the monthly premium goes up.<\/p>\n

You might start out paying \u20ac40, and after a few years, you could be paying double that amount\u2014or even more.<\/p>\n

With EXS, until the end of your mortgage term, you can\u00a0save up to 60%<\/a>\u00a0of the amount you currently pay.<\/strong><\/p>\n

Let's take a look at a simulation of the savings amount.<\/p>\n

Example of Savings on Mortgage Insurance<\/h3>\n

You're currently paying \u20ac80 per month for your mortgage life insurance. Assuming you can get a maximum reduction of 60%, your monthly payment would drop to \u20ac32.<\/p>\n