Like the banking sector, insurance companies will also grant a deferral of payment of mortgages for individuals who are experiencing financial difficulties following the energy crisis, their sectoral federation Assuralia announced on Monday. The measure is valid until the end of March 2023.
For insurance products such as outstanding balance insurance and fire insurance, a customer who encounters payment difficulties can always contact his insurer in order to find a solution together, underlines the professional union. “We as the financial sector have an undeniable societal role to play now that a large number of customers are experiencing financial difficulties due to the energy crisis”justifies its CEO Hein Lannoy, who invites them to contact their usual insurer, broker or agent.
The deferral of payment of a mortgage implies, for eligible persons, that they will not have to make a capital repayment for 12 months. The interests will remain, on the other hand, well due. The duration of the credit will then be extended by the deferral period granted. Like banks, insurers undertake not to charge the usual application or administrative fees. Mortgage loans whose principal is repaid not every month but only at the end of the term of the credit by means of an underlying mixed life insurance are, on the other hand, not taken into consideration, specifies Assuralia.
To be able to benefit from it, the mortgage must have been contracted for the main place of residence of the borrowers in Belgium (at the time of the request for payment deferral) and the total of the movable assets on all the accounts (savings, sight and investment portfolio) must not exceed 10,000 euros. Note that pension savings are not taken into account in this calculation. The borrower who is a candidate for deferral must not, moreover, have any payment deferral registered as of March 1 and must have a repayment plan in progress or requested from his energy supplier.
The payment deferral can be requested during the period from October 1, 2022 to March 31, 2023 inclusive and can only concern future monthly repayments. As for companies experiencing payment difficulties due to the energy crisis, they are also invited to contact their insurer or intermediary.
