What is the best life insurance policy for your mortgage?

Buying a home has always been one of life’s most important steps, as well as one of the biggest investments. However, these days it’s becoming increasingly difficult to do so without taking out a mortgage. While buying a home has always been a major decision for families, today—when bank financing is almost always guaranteed—it carries even greater weight. Furthermore, did you know that a bank loan requires you to meet certain conditions, such as taking out life insurance?
We'll explain everything to you!

Mortgage Life Insurance – How Does It Work and What Is It For?

When taking out a mortgage to buy a home, you are required to purchase life insurance. Banks require this to ensure that the debt associated with the loan is repaid in the event of the borrower’s death or disability.

O Life Insurance for a Mortgage It therefore ensures your financial protection and security, as well as that of your family. When triggered in the event of an accident, it guarantees repayment of the loan to the bank. You can also secure additional insurance coverage (in addition to the amount of the debt) that benefits you or your heirs (in the event of death or disability).

How to Choose the Best Mortgage Life Insurance?

As we saw earlier, life insurance is required by the bank to secure a mortgage, but it can be much more than that, and it’s important to determine which option on the market is best for your situation.

If you wish to purchase life insurance from the bank's affiliated insurance company, you may do so; however, it is not advantageous in the long run.

For a more comprehensive and affordable solution, you should consult an insurance broker who works with many insurance companies, such as EXS.

Mortgage Life Insurance with EXS: What Are the Benefits?

• EXS helps you switch insurance providers and transfer your Life Insurance for a Mortgage, at any time.
• With EXS, you have access to the best solution at the best rate, thanks to a thorough comparison of the offers available on the market and personalized advice.
• In most cases, transferring your mortgage life insurance won't increase the spread, and you may even gain access to more comprehensive coverage.
• When you transfer your Life Insurance for a Mortgage With EXS, you can save up to 60% on your current monthly insurance premium.

What does a mortgage life insurance policy cover?

Through a careful analysis of your needs and those of your family, EXS works with the country’s 26 leading insurance companies to find the coverage options that guarantee you the best protection plan.

The ideal situation is to find the best plan for you and your family—one that fits your budget without jeopardizing your financial stability, but above all, one that guarantees you the best coverage.

In addition to basic death and disability coverage, at EXS we offer the following life insurance coverage options:

• Serious illnesses (immediately after diagnosis);
• Death due to a traffic accident;
• Accidental death;
• Hospitalization Benefit.

How can you save money on Mortgage Life Insurance with EXS?

According to Decree-Law No. 222/2009, the borrower may purchase life insurance from a company other than the lending bank, as we mentioned earlier. By using brokers such as EXS, you can analyze the options available on the market and find out which one offers the greatest savings.

Therefore, when creating a life insurance linked to a mortgage Through EXS, you can save up to 60% compared to your current insurance or the policy offered by the bank.

To explore our offers and find the best life insurance policy, use our simulator. With just a few details, you can request a free life insurance quote. Our team will contact you to gather more information and, based on an analysis of the most competitive insurance companies in Portugal—including Asisa, Real Vida, UnaSeguros, April, Metlife, Tranquilidade, and others—we’ll present the solution that best fits your needs.