We continue our adventure trying to untangle ourselves better and better during the phases required for the request for a personal loan, without any difference in age or social status. The present councils are useful both to the pensioner and to the student, both to the worker and to the employee.
We have explained the considerations that the bank or financial company takes into account, we have dealt with the loan to pensioners with a fifth assignment, supported with advice to follow before requesting a personal loan, and now we are going to give you this clarification too, the insurance on the personal loan is mandatory or optional?
Capital insurance is always offered in conjunction with the personal loan application
It may be of a different type but the primary purpose remains to protect the capital, both of the bank and of the client who stipulates the policy and therefore to ensure that in case of failure to pay the loan it has adequate insurance coverage.
There are different solutions among those proposed by banks or financial institutions that provide us with personal loans. They range from the standard that covers the case of death and disability of the customer to that which also covers accidents, loss of work and the like.
The required personal loan insurance also differ in terms of coverage
In fact, they can partially or totally cover the cost of the installment and the entire requested loan. In the event that one of the conditions occurs, documentation must be sent and the commitment will be accepted.
We conclude by stating that personal loan insurance is absolutely optional, so you are not required to stipulate it even if it is always better to do so as usually the cost is low and covers the risks of death or illness or loss of work.
The only exception to the rule is the assignment of the fifth. In this case the personal loan insurance is required by law and must cover both the job risk and the contractor’s death risk.