Credit Payment Insurance

What is credit obligation insurance?

Credit obligation insurance is a financial mechanism that ensures the coverage of your monthly loan installments if you temporarily or permanently lose your source of income for reasons such as:

• Loss of job - The insurance covers your monthly payment for a specified period while you are looking for a new job.
• Health deterioration - In the event of disability (temporary or permanent), the insurance company will ensure that your obligations are covered.
• Critical illnesses - Upon diagnosis of a predefined critical illness, the loan may be fully covered.

This product is particularly relevant when taking on large financial obligations, such as a mortgage loan or a long-term consumer loan.

Comparison of Credit Obligation Insurance and Real Estate Insurance

It is important to distinguish between credit obligation insurance and real estate insurance.

• Property insurance (such as apartment insurance or house insurance) protects your physical asset itself, meaning the building and the items within it, from fire, flood, theft, and other risks.
• Credit obligation insurance, on the other hand, protects your solvency and financial situation. It ensures that even in the case of income loss due to unforeseen events, your credit obligations will be covered. This is a good way to defend against accumulating debt and damaging your credit history.

These two products complement each other and create complete financial protection around your most important asset.

Advantages of SOLO's Credit Obligation Insurance

• Financial Security - In case of unexpected events, you will not have to worry about paying your loan.
• Protection of Credit History - Your obligations will be covered on time, which will positively reflect on your credit rating.
• Simple Integration - The insurance policy can be purchased during the loan application process with your SOLO banker, which makes the process even simpler.

See details in the mobile bank or internet bank.