What makes our mortgage repayment insurance different
If you have been granted a personal loan, a credit or a mortgage, and you want to guarantee payment if anything happens to you, we can offer you Life repayment, a life insurance policy linked to your mortgage. Thanks to this life insurance policy, we will cover whatever capital you have outstanding in the event of disability or death.
Types of our Repayment Life insurance
In this modality, the duration of the contract will be life annuity with annual renewals and the insured capital will be decreased to an established minimum.
With the Single Life Repayment option, the repayment insurance is taken out for the same duration as the loan, with a minimum and maximum period of between 5 and 30 years, and the insured capital decreases until the mortgage is repaid.
What our Life Repayment insurance covers
We guarantee payment of the outstanding capital of the loan to the beneficiaries of the insured party, in the event of the death of the insured party.
If you wish, you can choose to make the bank —or financial institution that has granted you the loan or credit— the beneficiary, in order to automatically cancel the debt.
This optional guarantee can be included in the loan and mortgage repayment insurance policy, in anticipation of cases in which due to illness, accident or any other reason beyond the insured person's control, he/she is certified to be absolutely and permanently disabled and cannot carry out any work.
By taking out this guarantee, our repayment insurances will compensate with the same capital foreseen for the death coverage.
Services included in our Mortgage life insurance
A doctor at your disposal 24 hours a day
We put you in contact with a professional by telephone or video call to answer any health-related query you may have.
- At any time of the day, wherever you are.
- Immediate attention, with no waiting lists.
A lawyer when you need one most
Resolve any legal matter that may arise in your private or family life.
- 24 hours a day, 365 days a year.
- No limit on consultations.
- Social Security administration procedures and claims for Social Security benefits.
Get a second diagnosis for greater peace of mind
A team of professionals will analyse your case, issue a second medical opinion, and advise you on the most appropriate treatment.
- Without leaving home.
- For serious illnesses.
- Also in the event of surgical procedures.
Treatment and rehabilitation for your heart
If you have had heart disease, we can help you with the physical and psychological cardiac rehabilitation process.
- Physical training.
- Psychological rehabilitation.
- Rehabilitation programmes from 4 to 12 months.
We help you to manage your last wishes
Leave everything planned, easily and comfortably.
- 3 procedures in 1.
- Without leaving the house.
- With the advice of an expert.
FAQs
Life repayment insurance is intended for people who have been granted a personal loan or mortgage and want to insure the repayment of their debt in the event of death or disability, thereby avoiding any financial hardship for their family and immediate circle.
Yes. In repayment or mortgage insurance policies, it is normal for the beneficiary to be the bank or financial institution that provides the loan, so that it can use the capital to cancel the debt. Furthermore, we offer you the option to include an entailment clause in the policy if necessary.
No, it is not compulsory to have a life insurance policy. However, Occident recommends that you do. In the event of your death, if you do not have a life insurance policy tied to a mortgage, it will be your heirs who will have to take care of the debt. However, if you have a life insurance policy tied to the mortgage loan, it will be the company that will take care of the debt.
Yes. As is the case with any other insurance linked to a loan, you can request the cancellation of your life repayment insurance. However, we recommend that you check with the bank or your insurance company to see if there are any conditions to take into account.
If your insurance is tied to a personal loan or mortgage, the beneficiary of the insurance will be the bank itself, unlike life insurance policies in which the beneficiary is a family member or legal heirs of the policyholder. You can check this information on E-cliente or by requesting a duplicate of the policy. You can also check in the Registro de Contratos de Seguros de cobertura de fallecimiento (Register of Insurance Contracts for death cover), which is part of the Ministry of Justice and has this information.