To reassure the borrower, most banks, assisted by insurance companies, offer different services "unemployment insurance".
The formulas, varied, can range from simple suspension of refunds without additional interest, up to the assumption of 100% monthly payments, or even more in some cases, for rates ranging between 0.15 and 0.60% of the total amount borrowed.
How do you cover unemployment insurance?
For example, a loss of employment insurance at 0.35% contracted for a loan of 140 000 euros to 4% over 25 years will cost you 40.83 euros per month. A good plan a priori, but be careful. Unemployment insurance is not a miracle product. Also, before subscribing, it is better to have studied all the clauses of the contract. Most insurance only works if the borrower is on a permanent contract and has completed his probationary period.
In addition, the organizations request a seniority in the company that varies between six and twelve months and cover only people eligible for unemployment benefits. Age limits are also common: most often, only requests for coverage of borrowers under 55 are taken into account. Some insurance nevertheless can go up to 60 years.
Finally, for the liberal professions or the self-employed, the granting of a loss of employment insurance is difficult, because very often professionals are cautious.
Waiting periods and franchise
Also know that there is a waiting period. From the date of subscription of the credit, it is necessary to count between six and twelve months before the cover is effective. Also keep in mind that if you lose your job during this period, you will not receive any compensation.
Added to this is the grace period: if you lose your job, you will not receive any compensation directly. You will still have to wait about three months from the day you receive your first Assedic benefits before the insurance enters into account.
Nevertheless, it is now possible to find different offers without delay of franchise. Crédit immobilier de France (CIF), in partnership with CNP Assurances, offers a product that combines unemployment insurance and assistance to return to work. So before you start, think about studying the different formulas and do not hesitate to knock on the door of competitors.
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