In most cases, it’s possible to save on mortgage life insurance.
Here are some of the procedures you can use to reduce your costs.
Update the insured capital as the debt decreases.
By law (Decree-Law No. 222/2009), the bank must inform the insurer of the evolution of payments to adjust the insured capital — and consequently, the premium — as the loan is amortized.
Compare and change insurers — you don’t have to stay with the bank.
You have complete freedom to take out life insurance with another insurer, regardless of where you took out the loan. Often, banks offer a lower spread for those who accept insurance with them, but the savings with an external policy can be substantially greater.
