You prefer not to think about it, but it is possible that you will die if your loan is still running. If you do not want your surviving relatives to be left with a residual debt, you can take out a life insurance policy.
You can choose to take out a life insurance policy at the same time as the loan. In that case, there is a credit protector who insures the outstanding amount of the loan. You can also choose to take out a separate term life insurance policy in addition to the loan, which is not linked to the loan.
You can only take out a credit protector with Good Finance, which is then linked to the loan so that the loan with the benefit is repaid in the event of death. If you want to take out a separate insurance policy you will have to inquire with insurers.
What is a credit protector?
A credit protector is an insurance policy that ensures cancellation in the event of death. For example, if you have taken out a loan of $ 35,000, of which $ 25,000 is still outstanding, the insurer will pay an amount of $ 25,000 on the death of the insured. This amount is transferred directly to the bank so that the loan is fully repaid.
With a credit protector it is possible to take out the credit protector for 1 contractor as well as for 2 contractors.
Is it mandatory to take out a credit protector?
Taking out a credit protector is not mandatory. In the loan application form you can indicate whether you wish to receive an offer from the credit protector with the loan offer.
What does a credit protector cost?
Below we have listed a few examples for you:
|Age of the insured||Loan amount||Duration||Monthly premium|
|Example 1||53 years old||$ 25,000||72 months||$ 12.31|
|Example 2||29 years||$ 20,000||120 months||$ 6.55|
|Example 3||46 years||$ 35,000||120 months||$ 11.48|
Good Finance mediates in credit protectors without prior advice. This means that we only mediate in credit protectors and do not advise the customer about the product. For the mediation of the credit protector, Good Finance charges the client a one-off charge of $ 89.
A number of facts about the credit protector
|Minimum age to close:||18 years|
|Maximum age to close:||60 years|
|Payment:||Monthly with direct debit|
|Maximum amount to be insured:||$ 50,000|
|Amount to be paid in the event of death:||Residual debt loan, maximum $ 50,000|
|Medical test:||Not applicable|
Who is the credit protector’s insurer?
Good Finance only takes out credit protectors with Credit Life International NV Credit Life is a Dutch insurer.
More information about the credit protector
Good Finance has collected all the conditions that you can read at your leisure. These conditions come from the website of the insurer.
- Explanation Credit protector
- Product description Credit protector
- Conditions Credit Guard
In addition to the conditions for specifically the Credit Protector, there is also a more general product guide. The product guide has been prepared by the Dutch Association of Insurers.