Is it necessary to take out life insurance for a loan? Credit life insurance: mandatory or not when applying for a consumer loan borrower Life insurance under a loan agreement.

The bank issuing the loan tries in every way to reduce the risk of non-payment. Borrowers are carefully checked on all counts. Today, getting a cash loan without insurance is becoming an almost impossible task. One of the most important factors when applying for a loan is health and life insurance. The service is voluntary, not mandatory.

Insurance when taking out a loan is a service provided by insurance companies. Thanks to it, the borrower is issued a policy and ensures repayment of the loan (full or partial) in case of injury or illness. In practice, many banks give a negative answer precisely to the reason for canceling the policy.

What does the insurance contract provide?

The client does not always repay the loan correctly, so the bank seeks to protect itself with a conclusion. It reduces the percentage of non-repayable loans and ensures the company's continued competitiveness.

A life insurance agreement, first of all, protects the person himself, his family and friends. Obligations for the loan are assigned not to relatives, but to the insurance company that issued a special policy.

On the one hand, insurance increases the monthly payment and the entire loan amount, which is not very pleasant and convenient for many people. This is especially true for quick loans that a person takes out for urgent needs. On the other hand, a correctly selected policy will give confidence in the future (in case of injuries or injuries) and will not burden the family with payment debts.

Pros and cons of life insurance

Advantages:

Protection for family, friends and the person himself in the event of death or disability.
With cumulative insurance, relatives receive the entire accumulated amount (even if the policyholder dies before the end of the contract).
Inheritance protection.
Protection of families with one able-bodied parent.
Relatives receive property rights immediately after death. There is no need to re-issue the loan or sell the property.
When you take out a policy, the interest on the loan will be significantly less.

Flaws:

Passing a medical examination.
When insured events occur, the client must prove that he did not have (or did not hide) chronic diseases.
Causing injury or death must not be caused by intoxication (alcohol or drugs).
The contract costs from 0.50% to 1% of the loan amount per year.
You should carefully study the contents of the contract, because there are exceptions to all insured events (suicide of the borrower).
The amount spent on insurance according to the standard scheme is not refunded.
The monthly fee is higher because insurance is included.
Large volume of document collection after the occurrence of an insured event.

Is life insurance required when taking out a loan?

Only insurance of the object is mandatory (MTPL for car loans and damage, loss of property for mortgage lending). In accordance with Article 935 of the Civil Code of the Russian Federation, health and life insurance is a completely voluntary procedure. No one has the right to legally force a person to sign this agreement. Banks have changed the wording of the term - now it is voluntary life and health insurance. In practice, insurance increases the chance of approval for loans, especially over 300,000 rubles.

Without obtaining a policy, the interest on the loan will be significantly higher, or it will be denied altogether. Most organizations include insurance clauses in the standard agreement because people do not know that it is completely voluntary. Without carefully reading the contract, a person consents to the provision of insurance services. This proves the need to carefully study all documents before signing.

Is it possible and how to get a loan without insurance?

First of all, you need to be prepared for the fact that you will not need insurance. It is better to record all actions and conversations on a voice recorder so that, if necessary, you can submit an application to Rospotrebnadzor.

Step 1. Insurance is paid for using credit funds, so you must immediately inform that you do not need life insurance. Despite this, most likely the employee will calculate the monthly amount, taking into account the payments under the policy. For example, you take 100,000 rubles and pay the insurance 40,000 rubles (the interest on which is added to the main payments).
Step 2. Before signing, carefully read all clauses of the contract and fine print. Do not put checkmarks or signatures under the consultant’s dictation. Do not sign insurance papers. We can say that you are on sick leave, your ability to work is currently impaired. Therefore, you do not have the right to sign the agreement.
Step 3. The employee will begin to persuade you to sign documents and convince that in this case the loan will be canceled. In such circumstances, you need to request to invite a manager.
Step 4. Be sure to inform that a voice recorder is being recorded and indicate that the service is being imposed on you and you do not need it. If the manager starts talking the same way as the consultant, then you should tell him about your intentions to write an application to Rospotrebnadzor. The bank's actions in such cases are not legal.

How to cancel your insurance policy

If the loan is not issued without insurance, and the money is needed immediately:

Immediately after taking out a loan, an application is written addressed to the manager. It describes the whole situation and (return of life insurance on a loan).
If the bank authorities fail to act, applications are submitted to higher authorities: Rospotrebnadzor, the Federal Antimonopoly Service and the prosecutor's office.

If you signed the papers without looking and noticed a health and life insurance contract already at home. Please read all the points carefully. Review it in court.

Return to the bank immediately. Tell the consultant about your desire and fill out a special refusal form. The payment schedule must be recalculated with new data.
If employees refuse to renew the contract, you must insist that their actions are illegal, and you were fraudulently forced into voluntary service.
If all actions are in vain, you should write a complaint to the bank management and file a claim for termination of the health and life insurance agreement.

Insurance premium for consumer credit

If he or she loses his or her ability to work, the organization can repay the loan debt by selling his property and personal belongings or using the funds of his heirs. The insurance cases specified in the agreement should be clarified before all signatures are affixed. If they are unlikely, you should refuse insurance.

The borrower chooses the insurance company independently. The consultant provides several firms to choose from. An insurance organization that is not included in this list will undergo an inspection for about a month.

The procedure for paying insurance premiums is agreed upon before concluding the agreement. The premium can be a fixed amount or a percentage of the total loan amount. The annual premium payment is calculated from the loan balance.

Mortgage life insurance

Policies are issued to the borrower and any co-borrowers of a mortgage loan. Before concluding a contract, a special medical questionnaire is filled out. Based on its results, the issue of a full medical examination is decided. In the presence of chronic diseases and identification of factors hazardous to health, the amount of the insurance premium is calculated individually for each individual case.

Let's summarize:

Health and life insurance for the borrower and all co-borrowers is voluntary.
Consultants have no right to force or impose this service.
The insurance company is chosen independently and may not be from the list proposed by the bank.
The policy protects against problems with loan repayment of the borrower's relatives (only in case of an insured event).
Read every clause, subclause and fine print on all sheets of the contract.
Never sign or tick a dictation.

Life insurance is one of the clauses of the loan agreement, which is willingly or accidentally signed by every borrower in need of money. What does life insurance provide, is it possible to refuse it, and how to do it?

Is life insurance required for the borrower when receiving a loan?
Is it possible to refuse life insurance on a loan?
Is it possible to terminate a life insurance contract on a loan?

Life insurance when receiving a loan - consider the advantages and disadvantages

There are not so many advantages and disadvantages of life insurance when applying for a loan.

Pros of insurance:

In the event of disability or death, the borrower's relatives will be protected from credit debts - in this case, the insurance company assumes all the borrower's obligations.

Life insurance - not only protection against risks for the borrower, but also a convenient tool for saving money - up to 4 percent per year of guaranteed income.

Life insurance will be relevant for a family with one working parent; for parents who care about the future of their children; for grandparents who want to leave an inheritance to their children/grandchildren.

The accumulative insurance option assumes that the heirs will receive the accumulated money even if the insured does not live to see the expiration of the insurance period.

In the absence of an insurance policy, the heirs will have to reissue the loan or agree to the sale of the home (if it is, for example, a loan for an apartment). If there is a policy, the heirs immediately receive ownership of the apartment.

The interest on the loan when taking out life insurance will be lower than without insurance.

Disadvantages of insurance:

Most likely, you will have to undergo a medical examination.

If an insured event occurs, you will have to prove that there was no fact that the borrower concealed his chronic diseases. And also that the injury received at the time of death or the death itself is not a consequence of alcohol (drug) intoxication.

Life insurance is not a free procedure (0.45-1%). Payment of insurance for a loan of, for example, $50,000 will be $100-1000 per year.

There are always exceptions to insurance claims. That's why the terms of the insurance contract should be studied carefully . There are cases paid by the insurance company, and there are also those in which payment will definitely be denied (for example, suicide).

Money spent on life insurance according to a standard banking scheme is not returned unless an insured event occurs.

Your monthly loan payment will be much higher than without insurance. Sometimes the monthly amount for insurance exceeds the amount of the principal payment on the loan. If the insured events listed in the contract are unlikely, then it makes sense to immediately refuse insurance.

In some cases, the package of evidence documents that must be provided in an insurance case is so large that it is simply impossible to collect these documents.

Is life insurance required for the borrower when receiving a loan?

According to the laws of the Russian Federation (Article 935 of the Civil Code), life insurance of any borrower is an exclusively voluntary procedure. Nobody has the right to legally force it. The borrower can refuse insurance calmly and confidently. True, a loan may be refused, but this is another side of the issue.

Today, banks simply include a clause on life insurance in the conditions for issuing a loan. , and not everyone knows that this service can be easily refused. The borrower is simply helped to tick the boxes, and after a while the client understands that he has automatically signed an agreement to life insurance and, accordingly, to insurance payments. Therefore, attentiveness comes first.

Is it possible to refuse life insurance on a loan - when you are required to insure your life?

Life insurance when applying for a loan is the borrower’s protection of his relatives from obligations to repay the loan debt. Therefore, at the slightest concern about your health and life, you should take out insurance in order to protect your family from serious problems.

What else should you remember about life insurance?

Be sure to check with an insurance company specialist what specific conditions are grounds for an insurance payment. What are the deadlines for collecting documents? What are the payment terms after the occurrence of an insured event?

When filling out the form for an insurance policy, indicate the most accurate and extensive information about yourself - this will reduce the risks of non-payment of insurance. That is, all your chronic diseases, injuries, all your hobbies, professional risks. For example, if the borrower is a diving fan, and death occurred during the dive, then the insurance company will not pay out insurance if this hobby was not taken into account in the questionnaire.

The borrower has every right to independently choose an insurance company, and not just from the list of insurers offered by the bank.

The bank does not have the right to force the borrower to sign an insurance agreement.

Is it possible to terminate a life insurance contract on a loan?

Is it possible to refuse life insurance services? Can! Moreover, at any time.

Option one:

When applying for a loan, you decided to refuse insurance. The bank employee told you that in this case the loan will most likely be denied. Since you are in dire need of money, you are forced to accept insurance. What to do next?

Having signed all the required papers, immediately write a complaint addressed to the bank management with the text about the unlawful behavior of the bank employee and with an application for refusal of insurance.

Did the complaint have no effect? Contact government agencies - the prosecutor's office, FAS or Rospotrebnadzo R. Just have evidence that you were forced to take out insurance (audio, video recording, witnesses, documents).

The paid cost of insurance must be returned to you upon your application.

Option two:

You discovered that you took out insurance along with the loan, or you simply decided to refuse insurance. What to do?

Return to the bank (as early as possible) and inform the manager of your desire.

Obtain an insurance waiver form, fill it out and sign it.

After registration (re-registration) of documents, you will receive a new payment schedule, without taking into account insurance payments.

Does the bank employee insist on maintaining insurance in the contract? Ask him whether loan insurance is legal, and why they are forcing you to provide a voluntary service.

The bank does not want to meet you halfway? Terminate the insurance contract in court. First - a claim to the bank management (refund of funds and refusal of insurance), then - a statement of claim. Just to get started, make sure that the loan agreement provides for the possibility of such a refusal.

When applying for a consumer loan, in most cases, banks strongly recommend taking out life insurance. It is clear that this service is not free, and many borrowers have a logical question - is it mandatory, is it possible to do without an insurance policy, and are the actions of banks actively imposing life insurance when applying for a loan legal?

Let's look at these issues in the article - we will learn basic information about life insurance with a consumer loan.

Who benefits from life and health insurance for a consumer loan borrower?

Let us note that despite the opinion of borrowers that they do not need life and health insurance when applying for a consumer loan, and that it is beneficial exclusively for banks, both sides have a reason in this case. However, in order for life insurance to be truly beneficial for the borrower, it is necessary to carefully re-read the contract and exclude optional clauses from it.

Many banks include too many insurance cases in the contract, sometimes quite exotic. If such cases are excluded, the cost of the policy will become significantly cheaper without losing its meaning. You should pay attention to this when registering.

In the video, life insurance for a consumer loan borrower:

Benefit for the borrower

For the one who takes out the loan, the benefit in this case is that the debt to the bank will not be borne by relatives, children, or other heirs in the event of his own disability or death. It is clear that when applying for a loan, the last thing a person thinks about is possible catastrophes, accidents and illnesses, however, such situations are not uncommon, and in this case the loan will have to be paid for by the borrower’s closest relatives. Sometimes such a load can be unbearable for people left without a breadwinner. Is it possible to refuse credit insurance before and after receiving it? Find out.

However, borrowers for the most part count on “maybe”: after all, an insured event may not occur, and they will have to pay for expensive insurance every month along with the loan payment.

But if the borrower’s profession or hobby is associated with a certain risk, then in this case, life insurance when receiving a loan can be a very prudent point (and profitable). Rescuers, firefighters, miners, climbers and other categories of citizens - almost every day these people take risks.

Benefit for the bank

It is clear that in this case the bank also receives its benefit. Note that when insuring the life of the borrower, the bank does not lose money in any case - therefore, it is beneficial for the party that provides the loan to persuade the recipient of the amount of money to take out insurance. If the borrower has purchased the policy, the bank practically receives a guarantee that its risks in this case are minimal, and it will receive its money back, no matter what happens to the borrower. Read about the return of insurance on a Sberbank loan.

Let us note that if the borrower pays off his loan (and at the same time the insurance) always on time, without delays, and an insured event does not happen to him during the period of repayment of the debt, the bank receives practically nothing but “moral satisfaction” and the confidence that the debt will be repaid.

In this case, the bank takes a larger share of the payments for the policy, leaving the bank with a smaller amount. But if an insured event occurs, the bank’s benefit is obvious. You don’t have to fight to get the debt out of the borrower’s relatives, guarantors, or wait for his children to become legally capable, but you can simply contact an insurance company that will cover all losses. He will tell you about apartment mortgage insurance.

Banks and life insurance

Different financial institutions have different conditions for life insurance when providing a consumer loan. Most banks use a matrix tariff model, which means that the amount of payments under the insurance contract is directly dependent on the loan amount. Next, we will consider several of our most famous banks and their conditions for insuring the borrower’s life.

Registration of an agreement in Sberbank

If you plan to get a consumer loan from Sberbank, then insurance of the object that serves as collateral in this case will be mandatory. Life insurance is at your discretion: it is desirable, but not mandatory.

Note that in this case, the fact whether you enter into an agreement or not does not affect the amount of interest on the loan or the size of the loan. Today, Sberbank thus provides the most favorable conditions for issuing consumer loans.

Lending in Uralsib

Here the conditions are more stringent, and the interest rate for consumer lending is higher. In addition, the bank offers borrowers who have taken out a life insurance policy lower loan interest rates than those who have not entered into an insurance agreement. He will tell you about the return of loan insurance after repayment.

Renaissance

In this case, life insurance of the borrower is a mandatory condition for providing him with a loan. Not very favorable conditions are aggravated by rather high interest rates, but here you need a minimum list of documents.

Is insurance required?

According to the legislation of our country, life insurance is not mandatory when applying for a consumer loan. However, as you could see above, some banks do not think so, and literally force their borrowers to take out this insurance.

Moreover, there is such a common “trick” of some credit institutions: to reduce interest on a consumer loan, subject to the mandatory registration of an insurance policy. Thus, a borrower attracted to a bank by low interest rates is forced to enter into a life insurance agreement - otherwise he will not receive a loan.

Thus, life insurance when obtaining a consumer loan is not mandatory, and you can look for a bank that issues amounts without the requirement to insure your life. You don’t have to go far - this is, for example, the well-known Sberbank.

The video shows general information about loan insurance:

In most financial institutions that provide loans, the borrower does not have the right to choose a specific insurance company. If you want to get a cash loan at lower interest rates, you will have to agree to use the services of those insurance companies that are approved by the bank. But let us note here again the function: this organization, unlike most other banks, only recommends a list of insurance companies, and does not categorically impose.

Typically, banks cooperate with several insurance companies at once - so you can choose the best option in any case.

The validity period of the insurance policy is identical to the term of the loan agreement. That is, you closed the loan (possibly ahead of schedule), and you should no longer make insurance payments. The cost of insurance in most banks is from 0.6% to 1.6% of the amount of the loan provided. Find out about the cooling-off period in insurance.

Occurrence of an insured event

In life insurance, the following cases are considered to be subject to the terms of the contract:

loss of the borrower's ability to work;
disability;
death.

Please note that any insured event requires documentary confirmation. The list of documents is always indicated in the insurance contract.

If the borrower has temporarily or permanently lost his ability to work, and cannot continue to pay the loan, it is necessary to obtain a certificate from a medical institution confirming the fact of loss of ability to work. Then you should contact the company that issued the policy with an application for financial compensation under the contract. We note, however, that coordinating things with the insurance company and collecting documents - all this takes a lot of time: you must immediately notify the bank about the occurrence of an insured event.

If it happens that the borrower has died, his relatives should contact the bank, providing a death certificate and the necessary statements. Note that suicide is not an insured event, and if the borrower commits suicide, his debts will pass to the heirs or guarantors, co-borrowers.

If the insurance company refuses to recognize the borrower’s loss of ability to work or disability as insurance, the borrower should immediately contact the bank with this problem.

The fact is that the bank itself in this case is an interested party, it wants to receive its money (no matter from whom), so it may well find leverage and pressure on the insurance company. It happens that in this case the bank begins its investigation, considering in depth and comprehensively the legality of the actions of the insurance organization.

Even if it is not possible to force the insurance company to pay compensation - if indeed the case is not insured, the bank can still make certain concessions to the borrower, softening the conditions for repaying the loan.

Refunds

Many borrowers who once entered into a life insurance agreement when receiving a loan, after paying off their debts to the bank, want to return the money paid under the insurance.

A logical desire, however, there are some nuances here, namely:

it is necessary to prove that the insurance contract was imposed on you at one time;
it is necessary that the loan agreement states in black and white that the amount of the loan is directly dependent on the borrower’s availability of insurance;

In the video - insurance return:

The region where the case for the return of insurance payments is being considered also matters. Also, do not forget about. In any case, you can file a claim in court for the return of insurance payments to you - and the outcome of the case depends primarily on the points indicated above.

So, we found out why you need life insurance when taking out a consumer loan, and whether this agreement is worth concluding. As you can see, the service is not mandatory, and you may well refuse it. Another question is how the bank will react to this, and whether the refusal will become the reason for not issuing a loan in this case. In any case, whether to take out insurance or not is up to you, just remember to carefully weigh the possible risks before signing the contract, take into account your financial capabilities, and exclude all far-fetched insured events from the contract.

From June 1, 2016, new voluntary insurance rules have been in effect in Russia, which also apply to loan insurance. The question of whether it is possible to refuse insurance on a loan after receiving it has worried borrowers before, but after the innovation the situation became even more confusing.

In this article, we will together understand the current situation, and you will also receive detailed instructions on how to refuse credit insurance. If you do not want to understand the intricacies of the law regarding the return of insurance, we recommend that you use a simple test - it will show whether the return of insurance is possible.

Test: Find out if you can get your loan insurance back

The legislative framework

The activities of banks and insurance companies are regulated by laws. The relationship between clients and the bank is regulated by an agreement, and it is regulated by law. According to the instruction of the Central Bank of Russia dated November 20, 2015 N 3854-U, insurers are required to provide for the possibility of refusing voluntary insurance within 14 days after the conclusion of the contract. This instruction also applies to loan insurance.

According to this instruction, which fully came into force on June 1, 2016, clients have the opportunity to terminate the insurance contract.
This is possible if no more than 14 days have passed since the conclusion, and also if no insured event occurred within these 5 days. Please note that the period of 14 days is not considered calendar days

This period is in no way tied to the payment of insurance; it is counted precisely from the date of conclusion of the contract. Therefore, if you entered into an agreement, but paid only after 13 working days, then you only have 1 working day left to terminate. The decree of the Bank of Russia was registered with the Ministry of Justice under number N 41072 dated February 12, 2016.

Insurance companies were given a grace period during which insurers could prepare for the innovation. On June 1, 2016, the innovations fully came into force. According to this decree, the insurance company is obliged to terminate the contract and refund the money within 10 days. The refund amount is 100% of the amount paid, but minus those days when the client was insured. For example, if you cancel insurance after 3 business days, you will be refunded the full amount paid for insurance, minus the cost of three days of insurance. Insurance is regulated by 935 articles of the Civil Code of the Russian Federation. It clearly states that life or health insurance is a voluntary matter.

The law “On Protection of Consumer Rights” is also on the borrower’s side. According to the letter of the law, no one has the right to connect the receipt of one service (loan) with the purchase of another service (insurance).

If you were forced to take out insurance and were misled into thinking that it was compulsory, then you need to go to court and get your insurance back.
Read also:
There is only one exception - mortgage insurance. Therefore, it is important to understand which loan insurance can be canceled and which are mandatory.

Which insurance is required and which is not?

The law states that life insurance is a voluntary choice of the borrower. It follows that insurance is optional. Unfortunately, the practice of obtaining a loan differs from what one would expect based on the law.

In practice, it turns out that banks force their clients to voluntarily and compulsorily take out loan insurance. The innovation of 06/01/2016 protects clients, as it allows you to refuse imposed insurance if you manage to do this within the prescribed period. Such imposed insurance most often concerns the following groups of loans:

Consumer;
Mortgage;
Automotive;

Clients are offered life and health insurance, insurance against job loss, property damage, and in the case of car loans, CASCO insurance. All this is done with one goal - to reduce risks for the bank. Insurance allows you to eliminate the risk that you will not be able to repay the loan if one of the insured events occurs. In Russia, insurance is viewed with hostility, but this instrument can also protect the borrower.

Of the entire list of insurances, insurance against loss for purchased property is mandatory. For example, when buying an apartment with a mortgage. In this case, the bank has the right to require you to purchase insurance; this point is regulated by Law 935 of the Civil Code of the Russian Federation and 31 articles of the Law “On Mortgage”. Life, job or title insurance are optional insurances, even if the bank insists otherwise.

Insurance conditions in the agreement with the bank

The terms of loan insurance are specified in your contract. So it's not difficult to recognize them. It is possible that you will not be required to pay separately for insurance, since the bank itself will transfer the payment to the insurance company. The ideal option is if you refuse insurance before you sign a contract. To do this, you need to find out all the terms of the loan before your signatures appear on the documents.

You need not only to ask the bank employee, but also to carefully study the agreement yourself. For example, below is a consumer agreement, according to which the client receives insurance.

In such cases, you can try to cancel insurance before the conclusion. Only in rare cases will this not affect your credit. The bank may refuse to issue it without explaining the reasons. But the real reason will be that you refused insurance. Another option is that the bank will agree, but will offer you a higher rate. In this regard, the question arises: is it possible to use the innovation in the laws to enter into an agreement with a bank on favorable terms, and then cancel the imposed insurance?

Is it possible to refuse insurance?

Thanks to innovations, yes, you can refuse imposed insurance. The cooling-off period is the name given to the first 14 days after signing the contract. Within this period, you can cancel the insurance contract. Including if this insurance is related to a loan. Banks come up with schemes that try to circumvent the law. For example, a bank may create one common group insurance for all borrowers.

In this case, the borrower is not sold insurance; he is simply connected to the collective insurance system. It turns out that in order to terminate the insurance contract, the client needs to “disconnect from the system” of collective insurance, and not directly terminate the contract. The law does not apply to this type of insurance, and therefore the client cannot terminate such insurance. It is expected that other schemes may appear in the future, as banks do not want to put up with these innovations.

How to cancel insurance?

Let's look at a practical example. You have applied to VTB Bank for a loan to buy a car. The rate is 7.9% per annum, but it is only valid if you sign a life insurance contract. If you refuse to take out insurance, you may be denied a loan or offered a much higher annual rate. After studying all the terms of the agreement, you understand that you need a loan. The terms of the loan are as follows:

It turns out that the insurance increases your credit by 6.24%, or about 2% per year. This turns the real lending rate from 7.9% to approximately 9.9% per annum. According to the loan agreement, your insurer is VTB Insurance, an affiliate of VTB Bank. Let's assume that the bank approved your loan and you signed the agreement on Thursday, December 1st.

From this date you have 14 days during which you can refuse the imposed life insurance. It turns out that until December 17 (inclusive) you can send an application for refusal to the bank. 14 working days begin to be counted from the working day following the day of signing the contract. To cancel insurance, you need to provide the bank with:

Application for withdrawal from the contract;
A copy of the agreement;
A check or other document confirming payment of the insurance premium;
A photocopy of the policyholder's passport;

You can serve the documents in person, but to do this you will have to visit the insurer's office. Documents can be sent by mail, but must be sent by registered mail with a list of attachments. The first method is better since you will get back most of the insurance premium, minus the days when the insurance was in force. The coverage ends when the insurer receives your application. After you provide all the documents to the insurance company, compensation will be credited to your account within 10 business days.

Practice has shown that banks delay this procedure and exceed the legal limit of 10 working days. After this period expires, you can contact the insurance company with a new request and control the process. Reviews show that funds are returned within 1 calendar month.

Sample application for refusal of insurance

It is ideal if you contact your insurance company so that they can provide you with a sample application for cancellation of the insurance contract. You can make an application yourself. Be sure to include:

Your passport details;
Your contract details;
Reason for termination;

The date and your signature are also required. You can indicate any reason for terminating the contract, including the simplest one: guided by the legislation of the Russian Federation, I exercise the legal right to terminate the contract within 5 working days from the date of signing. You can either use the following example of a termination notice:

What happens to the loan if rejected?

The most common question, which is also the main concern of people, is whether the bank can terminate the loan agreement if you refuse insurance. Of course, your refusal affects the risks for the bank; they increase. But if you have already concluded a loan agreement, then refusal of insurance made in accordance with the law is not a reason for terminating the loan agreement.

It turns out that such a step should not lead to the bank requesting early repayment. There is also an opposite example. Some banks not only do not look for loopholes in the law, they meet their clients halfway. For example, some Sberbank loan agreements contain a condition that the borrower can refuse insurance within 14 days after signing.

Hello, I am the author of this article and the creator of all the calculators in this project. I have more than 3 years of experience working with Renaissance Credit and Promsvyazbank banks. I am well versed in credits, loans and early repayment. Please rate this article, please rate it below.

Every year loans become more and more popular. Citizens are looking for the most favorable conditions, and banks are trying to reduce their risks. Many people still don’t understand what credit insurance is and why they need it. Let's understand this concept from the point of view of banks and ordinary credit consumers.

Features of signing an insurance contract

Insurance, according to all laws, cannot be a mandatory condition for obtaining a loan. However, in reality, many banks refuse to cooperate with clients without this condition. Financial institutions in their official refusal indicate a different reason. No one can prohibit banks from setting more stringent loan conditions if they refuse to sign an agreement with an insurance company.

In any case, any citizen who wants to apply for a loan should know what loan insurance provides and what are the subtleties of applying for it:

You can get a loan without insurance;
it is not necessary to choose a company imposed by the bank;
in case of early repayment of debt, you should find out from bank employees about the possibility of returning insurance funds;
the agreement is valid for the loan period and protects the loan recipient from accidents and other troubles specified in the agreement.

Before signing an insurance contract, you should carefully study all its clauses. If you wish, you can contact a specialist with a legal education. After studying the contract, the borrower needs to know exactly which situations will be considered insured events and what rules for the return of insurance exist.

Insurance is an additional financial instrument that cannot affect the total loan amount.

Credit insurance: what does it give the bank

Reduces the risk of non-return of funds.
In the event of disability or other tragic events, loan obligations are still fulfilled by the insurance company.

For the borrower, loan insurance is another way to repay payments upon the occurrence of certain events described in the contract.

How can I get my insurance money back?

Many people are concerned about the question: how can you get your insurance back if the loan is repaid ahead of schedule? This clause must be found in the contract. Sometimes this return is specified in an additional agreement. There is a small chance that the money will be returned if this is not provided for in any clause.

To get a refund, you need to contact not the bank, but the insurance company specified in the policy. As a rule, consultants explain the possibility, further actions and the entire procedure for returning funds.

In this case, the scenario can develop in two ways:

The case when the contract contains a clause that describes all the rules for the return of insurance amounts. Here you need to follow the instructions. The money can be returned in a single payment or in the form of payments according to the stipulated schedule.
There is no refund clause in the contract- this means that the insurance company is not liable for early loan repayments. But she can always accommodate the client halfway, especially if we are talking about a permanent citizen using insurance services. Appeals to the court in this case will not yield any results.

You can choose as a one-time payment of insurance, as well as a monthly one included in the amount of loan payments. Insurance costs can also be included in the body of the loan. But if early repayment is envisaged, then it is better not to do this. Then you won’t have to think about any return.

Even if the borrower does not receive a refund for paying off the loan early, he still receives some benefits. The insurance company continues to protect both the borrower and his property.

There are cases when the rights of borrowers who have taken out loan insurance are violated. Then you should contact Rospotrebnadzor or the courts. In this case, the 3-year statute of limitations is taken into account. The first thing a citizen whose rights have been violated must do is obtain written refusals from the insurance company and the bank.

Insurance for different types of loan

Why do you need loan insurance and is it always so necessary? Let's look at each type of lending.

Customer credit

Type of lending in which there are:

short time;
high stakes;
lack of collateral and security.

In this situation, taking out a policy is a dubious plus for the parties to the transaction. Banks can easily cover loan defaults by charging higher rates. The terms are not so long that an insured event occurs - disability or death of the borrower. However, in practice, financial institutions persistently persuade clients to purchase insurance. Most likely, banks cooperate with insurance companies and have their own profit from the sales of policies. For the client himself, these are only additional costs and an increase in loan payments.

Comparison of loan insurance in the largest banks of the Russian Federation

Job loss insurance is considered especially ridiculous and unnecessary. As a rule, a condition must be met in which the employee was laid off or the company was liquidated for some reason. But even so, the employer forces the person to write a statement of his own free will. In this case, insurance is not provided.

Car loans

When applying for a loan for transport, banks most often require you to issue two types of policies - CASCO and health and life insurance. Some banks offer not to use CASCO, but in this case the interest on payments increases. This is justified, because you need to cover the risk.

Life and health insurance when purchasing a car is questionable. Especially if the future owner is young and does not intend to engage in extreme sports in the purchased vehicle. Average loan terms are 3-6 years. Therefore, it is more advisable to find a bank that will not increase loan rates in case of refusal of this type of insurance.

Mortgage

With this type of loan, financial institutions strive to offer as many insurance policies as possible. This is quite justified, because we are talking about long periods and considerable amounts.

Insurance of pledged property is a mandatory condition prescribed in the Civil Code of the Russian Federation, art. 343.

Box insurance

What is boxed credit insurance? This is a relatively new product; it has been on the market for no more than five years. We are talking about policies that have fixed indemnity amounts and a certain premium price.

Such credit insurance is a process without additional procedures and without the insurer providing additional data. Typically, this product is more attractive to a wider range of customers. It is cheaper, has a standard set of risks, and already calculated insurance amounts. All this is very convenient for a simple client.

With box insurance, both parties benefit. After all, this is primarily convenience. Employees of insurance companies only fill out the citizen’s passport data and fill out standard risk parameters. The client knows everything in advance - the scope of coverage and the cost of insurance.

Boxed insurance is an excellent way of express sales in banking institutions for loans, mortgages and other loans.

Positive aspects of box insurance

Today, boxed insurance is not so different from classic insurance, but it has a number of differences. Including positive points:

the price-risk ratio is optimal for the client;
most often, box insurance is cheaper than classic insurance;
only the most probable risks are taken into account;
a minimum amount of time is spent;
Fewer documents are attached;
attractive appearance - in an illustrated flat box rather than a formal sheet with stamps.

But we must remember that everything depends on the insurance company. Each citizen must choose the appropriate product for himself - “box” or “classic”. In the first case, speed and convenience are valuable, but only the most likely risks will be taken into account. In the second case, you will need specialist advice and a long discussion of all the clauses of the contract. At the same time, it is possible to take into account all the features of the transaction.

Negative aspects of box insurance

The specificity of such insurance also has its disadvantages:

it is impossible to cover individual objects;
impossibility of concluding a contract for incomplete value;
insures for an amount lower than the actual value of the property;
it is necessary to independently take into account all specific risks in advance;
not suitable for insuring expensive property.

Despite this, experts and analysts believe that boxed insurance is the most promising area, including for online sales.