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We want our contracts, offers, products and services to be understood. Therefore, we are happy if you ask us further questions. We will then gradually add the answers here in the FAQ.

As a customer, can I insure myself directly here with Société Générale Insurance in Hamburg?

This is currently not possible. All products have been developed specifically for business partners and can only be applied for there. For example, the "SicherTasche" protection is available from Hanseatic Bank, the "Sorglos-Schutzbrief", an income protection, is offered by SWK-Bank and the installments for purchases from OTTO (installment protection) or Quelle can be insured there directly.

What is residual loan insurance?

Residual credit insurance is an important add-on product to credit and leasing agreements. The payment obligations arising from credit and leasing agreements are covered against the risks of death, illness and unemployment under a residual credit insurance policy. Many consumers also know this insurance under the terms residual debt insurance, installment protection, credit insurance, credit protection or residual credit protection.

How can I purchase residual credit insurance?

The conclusion of a residual credit insurance is possible in connection with a credit or leasing contract through our product partners. Important partners of ours who can arrange residual credit insurance for you are BDK Bank , Hanseatic Bank, OTTO (GmbH & Co KG), SWK Bank, Quelle and others. They will be happy to help you.

Who can be insured?

Accession to the insurance cover is in principle possible for any natural person resident in Germany who is of age at the time of the commencement of the insurance if and insofar as he or she is the borrower of a credit agreement. This may also be a credit card.

Can leasing contracts also be protected?

Yes, e.g. through our partner, BDK-Bank - one of the best-known automotive banks in Germany.

Why should loan installments be secured?

As a borrower or lessee, you pay your installments every month. The loss of income in the event of job loss or incapacity to work is usually considerable. For example, 30% of the population are unable to maintain their standard of living for 3 months if they become unemployed, as studies show. The installments can then often no longer be paid. If you take out a residual credit insurance policy, the insurance company will take over the installment payments during this period, thus relieving you*. Example: In the event of death, the surviving dependents are relieved of the burden of repaying the loan, as it is paid off by us in one sum.

How is the contribution paid?

You pay the insurance premiums monthly together with your loan or lease installment. In most cases, this is done by SEPA direct debit directly to the lender.

What duration to choose for a residual credit insurance?

The insurance period depends on the duration of your installment payment commitment. However, Société Générale Insurance also offers products that do not end with the loan, but continue to protect yourself or the family against risks you choose.

What is the advantage of residual credit insurance compared to traditional term life insurance?

The risks of incapacity for work and unemployment or illness cannot be covered by a conventional term life insurance policy. Another advantage is the inclusion in the insurance contract : This is usually possible without a prior health check. Your existing life insurance policy may also not take into account the payment obligations that your survivors will incur from outstanding loan installments. And who likes to leave debts behind? Credit insurance is a sensible addition here. After all, if the loan must also be paid off from the classic term life insurance policy that pays out in the event of death, your surviving dependents may be left with only a small amount or nothing at all to secure their standard of living.

What benefit is provided in the event of death?

In the event of death, the outstanding loan balance is paid in one lump sum up to the maximum benefit amount agreed in the contract*. In addition, you can often select very helpful assistance services, e.g. immediate advice in the event of death, including contact with funeral homes or psychologists.

What is meant by incapacity for work?

You are incapacitated for work if, as a result of a health disorder, you are unable to perform your previous occupation or any other activity that you could perform on the basis of your previous experience or training - whether due to an illness or as a result of an accident.

What do I have to submit in the event of a claim if I am insured against incapacity for work?

We always require a certificate of incapacity for work as proof. Many employees are familiar with this as a "yellow slip", which is obtained from the doctor. Since 2023, this certificate is also available digitally. You can send us both online.

What benefit is received in the event of incapacity for work ?

In the event of incapacity for work, we will pay the monthly loan or lease installment. Multiple payments of the residual debt insurance due to repeated incapacity to work are possible. And also useful assistance services, such as a meal delivery service.*

What is a serious illness?

We define it this way: heart attack, stroke, blindness, and certain cancers*.

What benefit is provided in the event of serious illness?

In the event of a serious illness, for example, the outstanding loan balance up to the maximum benefit amount agreed in the contract is paid in one lump sum*. Depending on the product, it may also be that several monthly installments are paid out immediately - as a bridge for the difficult time.

When do we provide an insurance benefit in the event of incapacity for work?

We first check whether the reported incapacity to work occurred due to an insured circumstance. Accidents and all illnesses not expressly excluded in your contract are insured. If there are no benefit exclusions, you will receive the insurance benefit to which you are entitled after expiry of the contractually agreed waiting period.

What is meant by grace period?

A deductible period is agreed for disability and unemployment insurance, which describes the period between the date of the claim and the start of the obligation to pay benefits.

What is meant by waiting period?

Once unemployment insurance has been taken out, the waiting period begins, during which there is no obligation to pay benefits. This period was agreed in order to exclude claims that were already known when the contract was concluded. Waiting periods also exist for other types of insurance, such as legal protection or supplementary dental insurance.

When does "involuntary unemployment" exist for employees?

The insured person is dismissed from an employment relationship. He or she registers as unemployed, actively looks for a new job and does not work for pay. The insured person receives unemployment benefit I or II.

Does this also apply to self-employed people?

Yes, according to the following definition*: self-employed persons are considered to be unemployed if they have given up their self-employed activity for economic reasons; an economic reason for the loss of the basis for earning a living is given if it can be proven that, following two preceding calendar years in which at least € 15,000.00 of operating or business income was generated annually, the total operating or business income for the last six months before the insured event was less than € 6,000.00. The insured person is registered as unemployed with the Federal Employment Agency and is actively looking for work in the Federal Republic of Germany. Unemployment is also deemed to exist for shareholder-managing directors if they have been dismissed as managing directors by resolution of the shareholders' meeting.

When are benefits payable in the event of unemployment?

The benefit is paid if you have become unemployed through no fault of your own - and after expiry of contractually agreed waiting and waiting periods.

What benefit is provided in the event of unemployment through no fault of my own?

In the event of unemployment, the agreed monthly installment is paid from the insured payment obligation. Multiple payments of the residual debt insurance due to repeated unemployment are possible.

What is GAP protection?

GAP means "gap" and this is exactly what a GAP protection fills. In the event of a total loss of the vehicle, e.g. in the case of financing, a GAP cover covers the gap between the replacement value and the settlement value of the vehicle. Another example: There is also GAP coverage that reimburses the gap between replacement value and the purchase price in the event of total loss or theft.

Can I cover any car with GAP protection?

No: Luxury cars such as Ferrari, Maserati, Bentley or Rolls Royce are excluded. Classic cars are also not insurable?

How can I claim my insurance coverage?

Simply report your claim to your lending bank or the company to which you make the installment payment. After reporting the claim, we will contact you and request the necessary documents from you. You can find more information here.

Until when do I have to report my damage?

Report your claim as soon as possible after it occurs.

Why is the benefit paid directly to the lending bank or dealer of the financed purchase and not to me?

By joining the residual credit insurance, you have agreed that all benefits under the insurance will be irrevocably paid to the lender or lessor for the benefit of your credit account or merchandise account.

What is income protection as opposed to residual credit insurance?

With income protection, you secure their household budget: Often this is also concluded together with a loan, but you can choose whether the benefit goes to the lender or is paid out to your checking account. In addition, the term is variable: It can, for example, extend beyond the loan phase - which can be particularly useful for families with a provider.

What is meant by non-payment protection?

Default means that you, as a consumer, tenant, buyer, borrower or business owner, cannot meet your obligations. This happens when you cannot pay your bills for running costs due to unemployment: e.g. rent, electricity, telephone. Or if, as the owner of a small business, you are unable to complete orders due to a serious illness and therefore have no income, but the installments for the company vehicle or machinery are due.

Who do I contact if I want to complain or am dissatisfied after or during a claim?

Then please call our claims service first at 040 64603-140 and let us connect you with the complaints management. You can also enter a callback request in the contact form . Or send an e-mail to:

* The respective General Terms and Conditions of Insurance apply


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