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Insurance linked to Mortgage Loans
- Life Insurance
- Multiple-Risk Home Insurance
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Millennium bcp guarantees the best protection, at an unbeatable price! |
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Picking out a mortgage loan also means thinking about the related Life and Multiple-Risk insurances. Between covering your house against unforeseen events and simple bad luck, shielding your family from the financial obligation you have towards the Bank, and, of course, the underlying expenses...make sure you choose your insurance wisely! |
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| FULL AND FLEXIBLE Covers |
Financial protection for your family
- Ensure the financial stability of your household. In case of Death or Complete and Permanent Disability of the policyholder as a result of sickness or accident the Bank will receive the outstanding amount ? RECOMMENDED COVERS! - Different premiums and covers according to your specific needs;
- Coverage for both loan holders for the full requested amount - RECOMMENDED OPTION - or according to each holder's income.
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Full home coverage
- Over 20 basic coverage plans including: fire, floods, storms, water damage, theft or larceny, and many others. You can also take out additional coverage to suit your specific needs;
- No deductibles for all basic covers;
- Coverage for Building and Contents lets you protect your most valuable assets.
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| COMPETITIVE Price |
- Very competitive prices, set yearly according to age and sum insured!
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- Pay less for having security measures in place (e.g. fire extinguishers) or protection (e.g. alarm system)
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| Taking out insurance is EASY |
- If under EUR200,000 insured you only need to fill in a form;
- If medicals are required, Millennium bcp will pay for everything and take care of the whole process in no time.
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- Millennium bcp will help you deal with all the necessary procedures;
- And, so that you're not in doubt as to how much you should insure for, our appraisal of the property also includes reconstruction costs.
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| Sums insured AUTOMATICALLY updated |
- Automatic yearly adjustment of outstanding sum every 31st December;
- We can also make adjustments per repayment, so that you never pay more life insurance than you need to.
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- Automatic yearly adjustment in compliance with officially decreed public rates, so that you needn't worry whether the sum you've insured your belongings for has been properly adjusted.
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| CONVENIENCE |
During the term of the policy, if you need to make any change or claim, contact us and we'll help you take care of everything. |
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Life Insurance |
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- Options and Covers
Lifetime Risk Option - Repayment of outstanding amount to Bank (*) in case of policyholder's Death or Complete and Permanent Disability due to sickness or accident.
Basic Life Option - Repayment of outstanding amount to Bank (*) in case of policyholder's Death or Complete and Permanent Disability due to sickness or accident.
(*) There is a clause making Millennium bcp the beneficiary of the mortgage loan amount. In case of accident, and if there is any remaining money, it will be paid out to you or your legal heirs.
For further information, please read the General and Special Terms*
- Requirements for taking out a policy
Depending on the insurer's analysis of your proposal form, you may need to go through medicals. But only if you insure more than EUR200,000, and you can leave scheduling and paying for the medicals up to us - so there's nothing for you to worry about!
- Tax Benefits
In 2008 you can get income tax deductions of 25% on Death and Disability premiums. The limit is EUR62 per taxable person and EUR124 per couple (limits accumulative with Personal Accidents, Lifetime Risk and Lifetime Capitalization policies).
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Multiple-Risk Home Insurance |
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Read everything about this insurance policy here. |
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Premiums |
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Quadro exemplificativo de capitais seguros e prémios:
Lifetime Risk Option
Sum Insured: 100.000EUR |
Basic Option
Sum Insured: 50.000EUR (Building) / 10.000EUR (Contents) |
Actuarial age |
Monthly premium (1) |
Coverage (2) |
Monthly premium (1) |
30 yrs. Old |
12,05 EUR |
Building |
3,96 EUR |
35 yrs. Old |
14,12 EUR |
40 yrs. Old |
21,23 EUR |
Building + Contents |
5,50 EUR |
45 yrs. Old |
35,27 EUR |
(1) For standard risk conditions, and subject to insurer's analysis of your proposal form. ?5 + legal fees will be charged to your first premium receipt, for each new policy.
(2) The value of the Building must match the reconstruction cost; the value of the Contents must match the value of the belongings as new.
Contact a Millennium bcp Branch* to calculate the sum you need to insure, taking your property's features (Multiple-Risk Insurance) and your age (Life Insurance) into account. |
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How to take out a policy |
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- 1. When taking out your mortgage
Run a simulation and prepare the necessary paperwork and procedures at the same time you prepare your mortgage loan.
- 2. Have already taken out a mortgage loan
a) Contact a Millennium bcp Branch* to calculate your insurance
b) Read the General and Special Terms* for each policy
c) Fill in and send your Life Insurance* proposal form and/or Multiple-Risk Insurance* e to a Millennium bcp Branch*.
* Transactions/information in Portuguese will soon be available in English. |
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