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What exactly are the benefits of residual credit insurance?
You have entered into a credit or a leasing agreement, but what happens if you become unemployed or are unable to work and you suddenly lose a third of your previous income? Studies show that 30 % of the population would not be able to maintain their standard of living for even 3 months if they become unemployed. In the worst case in the event of your death your survivors might also have to pay off the outstanding loan. Furthermore, existing life insurance policies often fail to take account of the payment obligations under credit agreements. Taking out residual credit insurance means that we will pay the monthly instalments if you should become unemployed or unable to work, taking the worry off your shoulders in this difficult phase. In the event of your death we would pay off the outstanding amount of the loan in a lump sum so that your survivors have no further obligations.*
What is to be done?
Simply report your claim to your lending institution, if possible immediately after the occurrence of the loss. After you have reported the loss we will contact you and request the documents we require in order to settle your claim.
When does the residual credit insurance pay out?
If, after examining your case, we find that we have an obligation to provide benefits, we will pay the monthly instalments, or the outstanding amount of the loan in the event of death from the time when the loss occurred, taking account of the waiting periods and restriction periods agreed in your contract.
Will the insurance benefit be transferred to my account?
The insurance benefit will generally be paid directly to the lender or lessee and credited to your credit account. In the case of property or guarantee insurance the benefit is usually paid directly to the insured person.
* The respective Standard Terms of Insurance apply.
Making a claim, step by step: This is what you should do