Death insurance with tapering capital
This insurance is temporary death insurance with tapering capital fully or partially covering the outstanding balance of a loan. You choose the percentage of borrowed capital you want to insure yourself.
- Reliable: you avoid that your next of kin have to pay the (entire or partial) outstanding balance on your loan in the event of your death.
- Flexible: the insured capital continues to decrease, so you can always be certain that you are insured for the correct amount.
- Tax deductible: the premium may be tax deductible as a professional cost or as part of long-term savings.
The term for outstanding balance insurance is variable, as it corresponds to the evolution of the covered loan. When your loan has been paid back, your outstanding balance insurance is automatically stopped.
You pay risk premiums for the full term of the contract. The premiums are calculated each year based on the insured amount and the insured's age. They thus follow the progress of your loan. You pay the premiums monthly.
Are you taking out the insurance policy as a legal person? In that case, you can deduct the premiums as professional expenses, provided that you designate your business as the contract's beneficiary. Are you taking out the insurance policy as a private individual? In that case, you can obtain tax relief as part of your long-term savings, provided that the beneficiary is your partner or a blood relative up to the second degree.
Are you interested in outstanding balance insurance?
Contact your ING liaison officer.