When we take out a mortgage, we are not obliged to contract them.

When we take out a mortgage, it is common that we are offered different insurance services.

However, there are two exceptions:

There are, however, two exceptions:

The first: it must be demonstrated that these services would be of benefit to the customer.

The second: it must be demonstrated that these services would be of benefit to the customer.

The second: that the bank approves the mortgage in exchange for the subscription of a home insurance and a life insurance. These insurance policies may be taken out with the company of the customer's choice and may not worsen the conditions of the mortgage.

The second option is that the bank approves the mortgage in exchange for taking out home insurance and life insurance.

The policies that banks normally offer when taking out a mortgage are:

Life or amortization insurance: This type of policy protects the bank against a possible non-payment of the mortgage due to the death or disability of the client.

Life insurance: This type of policy protects the bank against a possible non-payment of the mortgage due to the death or disability of the client.

Fire or multi-risk insurance: This policy is compulsory, and allows the bank to be totally sure that the client will be able to pay off the debt in the event that the property is destroyed.

Payment protection insurance: This is marketed separately or as part of a life insurance policy, and allows the bank to insure the payment of the mortgage in the event that the client becomes unemployed or suffers a temporary disability.