Month: July 2019

Life Insurance – A Golden Tip For Who Settle a Bank Credit?

by Roy Rudd

We wrote this article thinking about all the people who recently settled a loan at a traditional bank. We will show you how you will be able to save lots of money without much effort. Do not believe?


Hired a Credit

This tip is valid whether you have made a personal credit or a consolidated credit. It does not work for homeowners because the practices in this product are very different from the rest (and are more regulated and standardized).


Made Life Insurance (Or More)

Settle Credit Early

Some banks decide to fund insurance premiums in advance. For example, if the life insurance premium is € 3,000 over a personal loan, the bank can finance this amount in the initial loan, with the difference of not charging interest on this amount (but will have to pay the respective taxes) .


Settle Credit Early

Imagine now that you have settled your personal credit or consolidated credit in advance. What happened to your life insurance? Or the credit protection insurance you did at the initial time? Well, you probably do not remember paying the full insurance premium at the initial time. And it will not be the bank to remind you of that ... Maybe it makes sense to know how to optimize and save on your insurance portfolio.

If you no longer need this insurance (you do not already have the credit), you must demand that you reimburse the amount of the insurance premium for the time that is missing . For example, if an 8-year personal loan still has 4 years to go by the end of the term, you may have a few hundred large (if not a few thousand) euros to get back.


You Can Still Keep Life Insurance

If you want to keep your active life insurance you can do it. However, if your concern is to be insured it may make more sense to ask to get back all the money from the premium paid in advance and make a new life insurance (or job protection) at another insurance company. Or use that money to make a savings account and accrue some interest?


Life is unfair?

You Can Still Keep Life Insurance

Perhaps. But let this tip serve as a warning for the need to control all your accounts and read all contracts. It is possible that your account manager will remember this field to save money, but most likely not to remember (or do not want to remember).


Consolidated Credit Becomes More Interestingly

If you are consolidating past credits in some financial institution with the practice mentioned above (remember they are not all like this) know that not only will you save money on your credit installments as it will release some additional liquidity. Perhaps to write off some of the credits more quickly . Maybe to spend. Or maybe to put money into a savings account for any eventuality.


What Will You Do With This Savings Tip?

Consolidated Credit Becomes More Interestingly

Why not start saving money today? Just fill out the life insurance form for our brokers to present you with a simulation for your specific case. They deal with all the bureaucracy on their own, so you just have to dedicate yourself to saving money effortlessly. Simple?

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Life insurance: is it worth having?

by Roy Rudd

Many people think that life insurance is expensive or that it only comes at the time of death, and no one likes to think about it. But the truth is that life insurance has many advantages and helps both the holder and his family.

With this type of insurance, you and your beneficiaries will be able to count on resources at times of difficulty, so they can keep plans for the future and be more protected against adversity. After all, we never know when an unforeseen event will happen, right?

So to help you understand if it is worth having a life insurance, we will explain everything about it here, for example, what is life insurance, its advantages, types of insurance and more.

What is life insurance?


Life insurance is a type of service that you hire from an insurance company to ensure financial protection for you and your family or dependents.

It consists in the payment of an indemnity in case of fatal situations or other serious occurrences that have not led to death.

So it benefits you both in the case of a serious illness or permanent disability as your family gets financially protected in case something unexpected happens and interrupts your income.

Insurance can be done for one or more people and there are several coverage options, which depend on the type of plan hired.

Prices vary according to the plan and are paid monthly. It pays to research well and assess which insurer has the most suitable offer for you and your pocket.

How does life insurance work?

How does life insurance work?

Life insurance is offered in the form of plans with different types of coverage and the greater the degree of risk chosen, that is, the number of risk situations chosen, the higher will be the monthly fee charged by the insurer.

Insurers call the monthly payment of premium insurance and it is free of Income Tax.

To ensure the safety of the money and of those who have contracted the insurance, all insurers are regulated and supervised by the National System of Private Insurance.

The insurance contract stipulates the obligations of the company and, generally, for the contractor as well, which undertakes to:

  • to pay the premium;
  • notify the company if you already have other insurance contracted;
  • always notify the insurer when unforeseen events occur;
  • risk situations that are not covered by insurance.

The contracting of life insurance is required in case of a loan signed with a bank, especially in the case of high values, contracted for example, for purchase of residence.

In this case the insurance is temporary, but may be renewed until the end of the loan.

Types of life insurance

There are the Individual Life Insurance and Collective Life Insurance policies, known as Group Life Insurance, and we will explain each of them for you to follow.


Individual Life Insurance

Life insurance covers the risk of only one insured individual, who is responsible for hiring and defraying the plan.

This insurance is customized according to the characteristics of the person, such as age, marital status, sex, profession, lifestyle and health conditions.

The price, or premium, is calculated based on this information, since the coverages, which are the guarantees, term, insured capital, term and form of payment are fully negotiable between insured and insurer.


Collective Life Insurance

The collective life insurance, known as group life insurance, refers to the contracting of a collective policy made by a company, professional association, union, class entity or club to insure the persons linked to these institutions.

In the case of this type of insurance, the contracting institutions are called stipulators and they define the conditions of the plan, such as guarantees, period of validity, insured capital, maximum age, form of adjustment of the premium among other conditions.

In this type of insurance there is no direct negotiation with the insured, so he enters an existing policy through a membership proposal and receives a certificate with a summary of the contractual conditions.

The forms of costing of collective insurance are three:

  • non contributory : the stipulator is totally responsible for the cost of the plan.
  • totally contributary : the insured are responsible for the full cost of the plan;
  • partially contributory : the insured and stipulator pay the plan in the agreed proportion;


Top questions about life insurance

Top questions about life insurance

Insurance is expensive?

Insurance is not expensive, in fact, it offers protection to families with different levels of income, especially those who have little or no equity or financial reserve.

It is an investment for the future and can cost less than 10% of the amount spent annually on auto insurance policies.


In which situations is life insurance indicated?

Hiring insurance to protect yourself and your family is recommended in a number of situations, for example:

  • Financial protection for you and your dependents;
  • Speed ​​in receiving the indemnity;
  • Exemption from Income Tax;
  • Funeral expenses.

What Happens If A Pensioner Is In Debt?

by Roy Rudd

Banks are wary of retired borrowers, as their income often does not meet the requirements for solvency. As a result, arrears arise, fines are charged. Bankers have to go to court to obtain an order for a enforced recovery, and now the task of the bailiff is to ensure the implementation of the court order.


Pensioner owed loans

Pensioner owed loans

When organizing a forced recovery from the income of retirees, they are guided by the norms of federal legislation - Article 99 of Law No. 229-ФЗ and Article 138 of the LC RF. According to the laws, according to the writ of execution, an FSSP employee is entitled to withhold up to half the income of citizens. Since for elderly people the only cash income is often only a pension, they will repay the debt to the credit institution from the PFR deductions.

The limit of 50% deduction can be exceeded only in the event of debt collection for alimony payments in favor of children, or in case of compensation for harm to health, on the occasion of loss of the breadwinner or for damage caused by the criminal actions of the debtor. In the above cases, the pension is reduced to 30%, and the rest goes to pay off the debt.

If there are several court decisions on enforced collection, according to Article 111 of Law No. 229-FZ, some sequence is set up in the prioritization at maturity:

  1. Debt for alimony payments, in case of damages, including compensation for non-pecuniary damage, are repaid in line 1.
  2. Funds recovered as part of the payment of severance pay and earnings of employees hired under the contract, money for remuneration to the authors of the intellectual product, shall be reimbursed following the list.
  3. This is followed by payments overdue as part of mandatory contributions to the state and extra-budgetary fund.
  4. The latter are satisfied with other financial claims of citizens and organizations.


What if the pensioner is in debt?

pensioner is in debt?

Thus, the lender’s financial claims are satisfied only when the debt to minors, hired personnel, and the state has been paid. At the same time, there is no provision for partial fulfillment of the requirements of different priority. Payments occurring sequentially. Only if there are financial claims of a single turn, the income of the pensioner is distributed in proportion to the amounts of debt that are stated in the executive documents (see paragraphs 2.3 of Art. 111 of the law on enforcement proceedings).

Faced with the impossibility of fulfilling credit obligations and a court decision on the compulsory collection of credit debt, the pensioner is advised to contact the bailiff who initiated the enforcement proceedings and agree on the collection procedure in order to avoid misunderstandings about blocking accounts and cards for which social contributions are paid.