How to Select a Home Loan Insurance

How to Select a Home Loan InsuranceAbstract: The continuous increase in interest rates has put a lot of pressure on both the home and the Economy. People are generally worried that they may continue to raise interest rates in the future. Under such expectations, this publication reminds all mortgage families that they must do a good job in insurance protection to reduce their worries and concerns. "I recently bought a new second-hand house. During the housing loan process, people from the real estate agency suggested that I don't need to buy a house loan insurance. I can save money; bank staff also said that if I don't want to buy a house loan insurance, they can give me the qualification of a high-quality customer. Do I need to buy a house loan insurance ?" Reader Mr. Han sent us an email for consultation. Indeed, after banks cancel the policy of purchasing property loan insurance forcibly, "No need to buy property loan insurance" seems to be a special privilege for "high quality customers". In the introduction of staff of intermediary companies, this has become a "way to save money ". Media in Guangzhou even reported that the property loan insurance in the Guangzhou market was "almost extinct ". However, in real life, do we really no longer need property loan insurance? Do you really need to save the money for my friends who have made housing loans? You can save your house in case of an accident.In the event of an unexpected death or disability, the loan insurance can help you and your family to pay off all or part of the remaining loans, save the house for you and your family, and prevent the family from suffering the second dilemma after misfortune. This is the biggest significance of the current property loan insurance, that is, "guaranteed housing loan liability insurance. A relative of the author in Zhejiang, who died suddenly due to a car accident, was only 48 years old. He is a civil servant. His income is correct. His annual income is close to 80 thousand yuan. His wife is a street staff member with a total annual income of less than 20 thousand yuan. Their only child was just promoted to the second year of college in September this year. Three years ago, they sold the old house and bought a large new house. They handled a mortgage loan of more than 0.4 million yuan for the house and required 3700 yuan for monthly payment. The sudden death of the male host not only made his loved ones particularly sad, but also left his wife with a 0.38 million yuan mortgage debt. Although the husband's unit has granted his family a pension of tens of thousands of yuan, he has also received a housing provident fund of tens of thousands of yuan (because the civil servant pays the full amount of social endowment insurance, the family cannot receive a penny ), nearly 4000 yuan of monthly supply pressure, children's college tuition and living expenses, so that the hostess feel helpless. Her husband tried to buy this big house. It is very likely that he will not be able to survive after his death, which makes it hard for her to accept emotionally. In the face of such a family member and in the face of such a case, the first reaction in my mind is that if they had taken out the house loan insurance at the time, how nice it would be, at least to help them save the house. However, we cannot make up for the fact that this relative has never been very confident in commercial insurance, not only has no property loan insurance, but also has no general personal accident insurance, and has no such insurance as regular life insurance and life-long life insurance. After his death, all the economic pressure fell on his wife's weak shoulders. Therefore, in order to prevent the impact on the family's ability to repay loans after an accident, it is best for everyone to arrange a full amount of housing loan insurance. The rate of property loan insurance is lower than that of accident insuranceOf course, you can also implement the same protection function by arranging personal accident insurance. However, from the perspective of rate, property loan insurance is cheaper than ordinary personal accident insurance. For example, the domestic personal accident insurance rate is generally 1 ‰~ 2 ‰, while the annual rate of pay-as-you-go property loan insurance in Shanghai is 0.65 ‰, the rate of pay-as-you-go property loan insurance is only 0. 6 ‰~ 1‰ (the computing base decreases with the decrease in loan balance every year ). We need to remind you that the current sellers are very savvy. When purchasing property and loan insurance, you must ask whether there is a discount or how many discounts there are. Generally, the annual rate of pay-as-you-go loans is usually 7 ~ The discount can also be up to. If you purchase a product in a bank (which is a consignment), there is usually no discount. If you buy it directly from an insurance company, then you can enjoy 8.5 ~ Off direct sales discount. Table 1: Comparison between the total loan amount and the total rate of general accident and general accident insurance with the insurance amount of 0.6 million yuan

Insurance priceGrid/Loan period	General Personal Accident Insurance (according1.5‰ Rate Calculation)	Comprehensive Insurance prices for mortgages in Shanghai (Pay-as-you-go models are billed based on common 7 discounts)	Pacific Property Insurance (Yearly payment, including repayment and housing insurance)	Peaceful(Personal Housing Loan)Accidental Injury and loan repayment insurance (Annual payment, only guaranteed loan repayment responsibility)	Ping An Property Insurance's "harmonious life" new house loan insurance (Annual payment, pure guarantee of loan repayment Liability insurance)
15	$9000	$3410	600 RMB for the first year totaling 4800 RMB	360 RMB for the first year totaling 2880 RMB	360 RMB for the first year totaling 2880 RMB
20	$12000	$4465	600 RMB for the first year totaling 6300 RMB	360 billion RMB in the first year	360 billion RMB in the first year
30	$15000	$6489	600 RMB for the first year totaling 9300 RMB	360 RMB for the first year totaling 5580 RMB	360 RMB for the first year totaling 5580 RMB

Note: The above prices are calculated based on the prepayment factor. If you do not use an intermediary agency such as a bank, you can directly purchase yearly-paid property and loan insurance products from different insurance companies. The rate is generally 10% ~ 15%. Easy to meet high insurance requirementsThere is another difference that is quite realistic. For personal accident insurance, different people are often subject to different insurance policies due to different incomes and occupations.
Insurance policies of insurance companies are generally limited to less than 0.5 million yuan. Many companies require financial certificates for applicants with a minimum insurance amount of 0.5 million yuan. The application for a 2 million Yuan quota is more complicated, the health check may be required,
The primary objective is to prevent the moral hazard of the endorser. However, the current house is prone to hundreds of thousands or even 2 millions or 3 millions yuan. If you want to purchase accident insurance to seek protection for the ability to repay the loan, you may be unable to cope with the problem. The property loan insurance completely breaks this restriction and can be fully insured Based on the house loan quota. Therefore, for borrowers with a relatively large loan amount, it is still necessary to take advantage of the property loan insurance. How to choose a property insurance productIf you are ready to purchase the property and loan insurance, there are also some tips on how to choose the appropriate product based on your own situation. First, you may have to consider whether to choose one-time pay-as-you-go products or yearly pay-as-you-go products. If the lender intends
For the regular part, it is more appropriate to select the yearly payment-based product because of factors such as easy surrender and clear calculation of premium. In addition, the pressure on the first-time premium of yearly paid products is much lower. Loans that are not wealthy at hand
Payment buyers are more suitable for yearly payment products. Second, you may have to consider the rate issue. The rate of the property loan insurance is lower than that of the personal accident insurance, and the annual payment and payment of the property loan insurance are
The rate is also different. From the comparison in Table 1, we can see that the annual pay-as-you-go product rates of Taiping property insurance and Ping An property insurance are the lowest, which is lower than the discount after paying-as-you-go product. Therefore, pay more attention to the rate
Prime lenders can consider these two products. In addition, you should pay attention to the differences between different products in the protection content. Most of the property loan insurance products are subject to the lender's accidents.
Disability severity levels: different proportions of compensation payment liabilities shall be borne according to the severity. For example, if the lender unfortunately died, the insurance company will be responsible for repaying all outstanding loan principal balances. If the lender does not
Fortunately, the insurance company will probably bear 75% of the loan principal balance if the lender unfortunately falls into eight levels of disability, and the insurance company will bear about 5% of the loan principal balance. Such as Pacific property insurance and peace
Both life insurance and one to eight levels of disability are covered. However, the annual payment-based product of China Pacific property and casualty insurance only guarantees the liability for loan repayment for accidental death and disability within five levels. However, it is true that no matter what level of meaning occurs
For external disability, this product of Taiping can pay off all remaining loan balances for policyholders. From this perspective, if the lender has sufficient personal security or the other half of the family's income is acceptable, it can insure safe property loan insurance. If the lender has fewer other security conditions, especially if the other half of the household has poor income ability, it is more suitable for purchasing peaceful products. In addition, because Pacific's annual pay-as-you-go property insurance includes property and casualty insurance, the price is not advantageous. However, if lenders are more concerned with property insurance, they can choose this product. Finally, the above-mentioned loan insurance products have a prominent protection feature, that is, "joint insurance between husband and wife ". That is to say, only
If both husband and wife are co-borrowers and either party has an accident, compensation can be obtained. This protection of China Pacific property insurance and China Pacific Property insurance does not need to be paid separately.
50% of the cost. If the husband and wife jointly buy a house, they can make full use of this. It is best to add some fixed life insurance for the mortgage "negative Weng"Another point is to remind readers that, whether it is housing loan comprehensive insurance or housing loan insurance that only guarantees the liability for loan repayment, the compensation of all housing loan insurances is aimed at "unexpected ", that is, in the case of accidental death or disability, you can obtain the claims for the property loan insurance. However, we also learned that many lenders with mortgages, especially those in middle ages, are getting more and more often due to illness.
See. Taking into account such risks, we remind everyone that, after the housing loan insurance is arranged, it is best to arrange regular life insurance that is almost equivalent to the housing loan quota for home-owned lenders. The rate of periodic life insurance is not
Is very high, between 2‰ and 5. If it is a similar amount of "federated lender", the husband and wife should plan to cover about 50% of the mortgage amount for their respective periodic life insurance. The most critical and fundamental consideration for both property loan and accident and periodic life insurance is to ensure that, in the event of an accident or a loss of repayment capability by the primary loan or joint lender, with the help of insurance, the family can at least maintain their original living and living conditions!