ING Outstanding Balance Insurance for Mortgage Loans
Discover Outstanding Balance Insurance for Mortgage Loans
Your family is more important to you than anything. But what happens when, one day, you are no longer there to care for them? With a decreasing life insurance policy from ING, you can protect your loved ones from the burden of having to pay off your home loan in the event of your death.
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Peace of mind
Your loved ones will be spared the burden of repaying your mortgage after your death.
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Flexibility
This decreasing life insurance is automatically adjusted to reflect any changes to your loan during the lifetime of the policy, e.g. early repayment.
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Tax incentives
In certain circumstances, the premiums may be tax deductible.
ING Outstanding Balance Insurance for mortgage loans is a form of decreasing term life insurance subject to Belgian Law and developed by NN Insurance Belgium SA/NV which is linked to your home loan For total peace of mind, ING recommends that each borrower takes out cover corresponding to 100% of the total amount borrowed. In the event of your death, we will repay the outstanding balance owing on your home loan. So your beneficiaries (for example your partner or children) will not be required to keep repaying your mortgage or sell the family home.
Any individual aged 18 or older with a mortgage loan who wants to make sure that his/her loved ones will not have to repay it if he/she passes away.
Persons with an increased health risk may, under certain conditions, enjoy a contribution towards the premium for their outstanding balance insurance. Please consult your insurer, your bank or your intermediary for more information.
When taking out your policy:
- You choose the package which suits you best. ING calculates the premiums to cover the borrowed capital.
- You decide freely who will be the beneficiary (-ies) of your decreasing term life insurance. However, if you would like to take advantage of a tax break on your premiums, this choice is restricted from a legal perspective.
- Your branch can help you find the best solution.
There are multiple criteria that play a role in determining whether we are prepared to insure a particular risk, what we are prepared to insure it against, and what the premium will be. These criteria serve as Acceptance Criteria (AC), Pricing Criteria (PC) and Extended Guarantee Criteria (GC). Based on these segmentation criteria, we try to find a balance between the premium you pay and the loss or damage we anticipate. The segmentation criteria are objective criteria that can influence the probability or extent of loss or damage.
| Acceptance Criteria (AC) | Pricing Criteria (PC) | Extended Guarantee Criteria (GC) | |
|---|---|---|---|
| Insured capital | |||
| Duration of the contract | |||
| Financial acceptance | |||
| Health condition | |||
| Age | |||
| Smoking behaviour | |||
| Profession and sport(s) | |||
| Travel risk factor |
Please find below an explanation of the segmentation criteria we apply.
- The insured capital (AC, PC): The insured capital has an impact on the amount of the premium, as it is directly linked to the risk to be insured.
- The duration of the contract (AC, PC): The duration of the contract may have an impact on the amount insured, and may therefore influence the amount of the premium.
- The financial acceptance (AC): If the total capital amount insured by NN Insurance Belgium SA/NV exceeds €1 million, we will assess your financial situation.
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Your health condition (AC, PC, GC): We will make enquiries into your health through a questionnaire or by performing a medical examination. If, at the time you take out the contract, you are aware of any health problems which affect your risk of premature death, we will take these into account.
If after carrying out the questionnaire or medical exam we are still unable to establish a sufficiently clear picture of your health, we may ask you to answer additional questions, or to provide us with further information. - Your Age (AC, PC): Your age is an important factor when you take out life insurance, because, statistically, the probability of death increases with age.
- Your smoking behaviour (PC): Smoking seriously damages your health and increases the risk of mortality. Therefore, we need to know if you smoke.
- Profession and sport(s) (AC, PC, GC): Your profession and any sport(s) you practice may be considered to be more or less dangerous and consequently, have an influence on your risk of being killed and/or your life expectancy.
- Whether you go abroad for extended periods (AC, PC, GC): Depending on the duration and destination, a holiday in a foreign country may have an influence on the condition of your health, your risk of being killed and/or your life expectancy.
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Payment: You can choose between a single premium (you pay a one-off premium and are insured for the full term of the contract) or periodical premiums (you pay your premiums throughout the term of the loan. The premiums vary year to year).
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Rate: The premiums include taxes and costs. The premium tax of 1.1 % (or 2% for Bullet loans) is levied on each premium. The rate applies for a period of 3 years from the start date of the policy, subject to statutory amendments.
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Decisions: We use a variety of factors to decide whether to accept your request for insurance, as well as to determine the premiums of your insurance and the extent of the guarantee. They include the insured capital, the duration of the contract and the financial acceptance. They also include factors related to the person being insured, such as their smoking behaviour, age, health condition, profession, the sport(s) they practice and if applicable, whether or not they spend extended periods abroad.
The final premiums will be defined after the evaluation of the risk and will be confirmed in the policy.
Important information before continuing
Exclusions and limitations in brief
- If you claim tax benefits on your premiums throughout the term of the policy, bear in mind that in the event of your death, your beneficiary will have to pay tax on the capital paid.
- Spreading the premium out over monthly payments is charged at a 4% surcharge. You can avoid this charge by paying a single or annual premium.
- This insurance does not cover you in the event of death occurring while skydiving, hang-gliding, paragliding or piloting an aeroplane.
For all applicable terms and conditions (PDF), exclusions and limits. Please consult the General Terms and Conditions and the financial information sheet (pdf) available at www.ing.be or from any ING branch. Please read these documents before taking out a policy.
Term and taxation
- Term The contract’s term corresponds to the term of the covered loan.
- Taxation The premiums for your decreasing life insurance may be tax deductible under certain circumstances.
- Managing your policy if you adjust your loan, your decreasing term life insurance is automatically adjusted along with it.
- When the policy expires
- If you are alive: the policy expires automatically when the instalment loan is fully repaid.
- If you die: if you have taken out 100% cover, the remaining balance of your mortgage loan will be repaid in full.
Who is NN Insurance Belgium SA/NV?
NN Insurance Belgium (formerly ING Life Belgium nv) is an insurance company within the NN Group with a long tradition in Belgium. NN Group is an insurance company and manager of investments listed on the stock exchange with a strong European focus. The group, which is present in over 18 countries and employs a staff of 12,000, provides services in the field of pensions, insurance, investments and, in the case of the Netherlands, banking services for more than 15 million customers.
Not 100% satisfied?
In the event of a complaint, please contact ING Complaint Management, Cours Saint Michel/Sint-Michielswarande 60, B-1040 Brussels - Tel.: +32 (2) 547 61 02 Fax: +32 (2) 547 83 20 - email: plaintes@ing.be or the Insurance Ombudsman's Department, Square de Meeûs/de Meeûssquare 35, B-1000 Brussels – Tel.: +32 (2) 547 58 71 - Fax: +32 (2) 547 59 75 - info@ombudsman.as - www.ombudsman.as (FR)
Interested in decreasing term life insurance?
- For all applicable terms and conditions, exclusions and limitations, please read the General Terms and Conditions (PDF) and the financial information sheet (pdf) available on www.ing.be or from all ING branch. Please read these documents before signing your policy.
- You have the opportunity to familiarize yourself with the general information on insurance (PDF) and the statement regarding ING Belgium’s SA/NV (PDF) and the insurer’s, conflict of interest policy (PDF), including inducements. This information can always be consulted on www.ing.be > Charges and regulations > Information and Regulations > Insure.
ING Outstanding Balance Insurance for mortgage loans is an insurance product provided, upon mutual agreement, by ING Belgium SA/nv (insurance intermediary), insurance broker registered with the FSMA under the number 12381A and NN Insurance Belgium nv (insurer), an insurance company, licensed by NBB under the code number 2550.
For all conditions and exceptions, please read the General Conditions (PDF).
All other important details can be found here:
- Insurance intermediary: ING Belgium SA/NV, an insurance broker, registered with the FSMA under the code number 12381A. Registered office: Avenue Marnix 24, B-1000 Brussels - Brussels RPM/RPR - VAT BE 0403.200.393 - www.ing.be - BIC: BBRUBEBB - IBAN: BE45 3109 1560 2789.
- Insurer: NN Insurance Belgium SA/NV, insurance company licensed by the NBB under the number 2550 for the Branches 1a, 2, 21, 22, 23, 25 , 26. Registered office: Avenue Fonsny 38, B-1060 Brussels – RLP Brussels – VAT BE 0890.270.057. BIC BBRUBEBB – IBAN BE28 3100 7627 4220.
