Life insurance for mortgage credit: how to lower the installment amount.

The law guarantees freedom of choice.

Despite the initial pressure exerted by the bank at the time of signing the contract, it is illegal to force the client to maintain life insurance with the insurer imposed by the credit institution.

In Portugal, all consumers have the legal right to transfer their policy to any company in the market. This freedom of competition is the main tool they have to drastically lower costs.

Price differences

Policies contracted through the bank may have a higher cost than solutions available in other insurance companies. Even when there is a slight change in the spread, the savings in the annual premium of the insurance can offset that increase.

The choice between IAD and ITP

When requesting proposals, pay close attention to disability coverage.

Absolute and Permanent Disability (IAD) is the cheapest option but only works in catastrophic scenarios where the client becomes completely dependent on others.

On the other hand, Total and Permanent Disability (TPD) is usually activated at 60% or 66% disability, protecting against serious illnesses that prevent regular work, but maintain autonomy. Always ensure quotes for TPD options.

How much can you save on your life insurance?

Don't be stuck with your bank's expensive insurance.

Specialized agents from Savings in a Minute compare all insurers and quickly tell you how much money you can save in your wallet every month.