In the light of applicable regulations, cash and mortgage insurance is not compulsory. On the other hand, banks can independently set the conditions for obtaining a specific loan.
Is cash loan insurance mandatory?
For example, in large sums, insurance may be the type of insurance required.
It also happens that the bank may suggest to the customer the conclusion of a loan agreement with insurance and thus offer a lower commission or percentage of the loan. However, insurance may not be mandatory. The amount of the loan as well as the amount of the insurance premium decide about what amount it will be.
Can we opt out of insurance?
The customer has the right to withdraw from the insurance contract at any time. For the resignation to be effective, it must submit a declaration of withdrawal or resignation from the insurance contract. The declaration must have a written form and should contain such data as: name and surname, PESEL number, date of birth, place of residence, series and policy number as well as credit agreement number.
An application for resignation from credit insurance should be submitted to the bank. A refund should be made in proportion to the unused days of insurance coverage. The amount of the loan as well as the amount of the insurance premium decide about what amount it will be.
Where is the best question to ask for a loan?
To sum up, before we conclude a cash loan, let’s consult with our Agent what solution will be most beneficial for us. The facts, however, are that having insurance (loans as well) makes us feel safer and we have psychological comfort that our family and loved ones will not be burdened with our debt. Random events can happen to everyone, the more that the loan is very often concluded for a few or several years.