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Your mortgage life insurance is as important as the materials used in building your home.
If it is not good, your family’s life could collapse. UniPeople recommends choosing TPD for all mortgage life insurances.
ADD - Absolute and Definitive Disability
The IAD coverage for mortgage life insurance is substantially more limited as it requires a much higher degree of disability, needing third-party assistance to ensure your basic needs, preventing you from engaging in gainful employment.
You need to reach a vegetative state or death to use ADD coverage. Therefore, it is less recommended.
TPD - Total and Permanent Disability
The TPD coverage (or PDPCA – Permanent Disability for the Profession or Compatible Activity) can be activated when the insured person suffers an accident or illness resulting in a disability level exceeding 60% or 65%-66%, depending on the insurer.
A condition obtained through an accident or illness that incapacitates you from pursuing a profession or lucrative activity, but does not render you completely invalid; you are not dependent on third parties.
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Consult more information and advantages about mortgage life insurance in the most frequently asked questions and answers.
It is one of the conditions, requested by most banks, when applying for a mortgage. It serves as a guarantee for the payment of the loan amount agreed upon in the policy in case of death or disability of the insurance beneficiary. The mortgage life insurance’s main function is to protect the credit beneficiary in adverse situations.
Disability happens when the beneficiary no longer has the physical and/or mental capabilities to continue their professional activity. It is considered a disability even when the beneficiary does not become dependent on third parties. There are two distinct formats, Absolute and Definitive Disability and Total and Permanent Disability.
Total and Permanent Disability (TPD) is when the beneficiary, due to illness or accident, has a clinically certified degree of incapacity exceeding 60%, making it impossible for them to carry out their professional activity as usual. TPD does not require the beneficiary to become dependent on third parties; it is enough that they cannot perform their professional activity.
Absolute and Definitive Disability (ADD) is when the beneficiary, due to illness or accident, has a clinically proven degree of incapacity exceeding 80% and depends on assistance from third parties for daily tasks, with no expected improvement in the condition.
No, the fact that the bank is the beneficiary does not mean that the insurance has to be taken out with them. Decree-Law 171/2008 only states that the bank, in the life insurance policy, is the irrevocable beneficiary for the outstanding capital. If there is remaining capital, it reverts to the family.
It is an insurance policy that aims to protect the property and its contents. It can be requested by the bank as collateral in a mortgage loan application.
It should cover an amount that allows for the reconstruction of the property. Regarding the contents of the property, the insurance can ensure that the declared items are returned in the form of financial compensation.
It is ideal to have, but not mandatory. It can be useful in case of theft, burglary, or a short circuit that damaged all electrical equipment connected to the power supply.
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