Loan insurance contains many advantages in order to occur certain risks at the borrower. Insurance policy will close the debt to the credit institution upon the occurrence of the insured event. For example, if the borrower was assigned the status of disabled, and in the future it is not possible to work, then insurance will cover all debts for a citizen.
At the same time, an additional insurance service is not free and paid, directly, the borrower itself. As a rule, it is additionally included in the amount of payment and stretch for the period of use of the loan.
The easiest option is not to sign a loan agreement if it has an additional service in the form of an insurance policy. However, in modern realities, citizens turn into financial institutions when money is necessary in the near future and look for suggestions without add. Services have no time.
The most correct approach is to study the credit conditions in the bank chosen in advance. The execution of personal insurance is not a mandatory service, and the financial institution is not entitled to impose it. However, the lenders come in a different way, making it so that when making the insurance policy, you get a loan under a smaller percentage than without it.
If you categorically do not want to overpay for insurance, at the time of the application formation, please inform this manager. But here not everything is so simple, some unreliable employees of banks may notify you that the service is disabled, but in fact there is. Therefore, to tell an employee to refuse will not be enough.
Before signing the contract, carefully examine the loan agreement for the presence of additional services, and if there is no insurance there, I feel free to sign.
In order to abandon insurance after signing a loan agreement, the borrower needs to be an application for refusal to the insurance contract. This statement you send to the insurance company with which the contract is concluded.
The application form can be found in free access. The main thing is not forget to attach to the application your passport, documents for insurance, receipt of payment for services and necessarily your details. Moreover, the application must be submitted directly, the borrower. Even the closest relatives are powerless here.
After the insurance company consider your application within 10 working days, funds must be received by you on the card that you previously indicated in details.
If you did not meet the above time, then your last hope is to explore the insurance contract again. There are cases when the insurer increases the cooling period on its own initiative, but it happens quite rarely, and in most insurance organizations adhere to the generally accepted norm of 14 days.
As we have talked above, the cooling period is 14 days. However, there is another way to return funds — this is with the early closure of the loan agreement.
After you prematurely repaid a loan to the bank, you need to take the appropriate loan closing document. Together with this document, as well as with the contract of lending, insurance contract and other documents, it is necessary to contact the insurance company, and make an application for refusal of the insurance service and refund.
There will be no problems for this procedure, since the insurance conditions are aimed at protecting the interests of the beneficiary, that is, the bank. Accordingly, if you have no obligations before the bank, it is no one to pay insurance compensation for the occurrence of the insured event. As a result, the contract is recognized as meaningless and terminated.
We hope that our article was useful to you!
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