The insurer is required by law to provide a standardized information sheet to the borrower. The latter collects basic information and characteristics related to the protection of his credit. However, what is this for? What does it contain? Is this really necessary?
What is the FIS Standard Information Sheet?
Although taking out insurance is not mandatory, many banks will not agree to finance a loan without insurance, especially for the purchase of real estate. As a result, most borrowers can apply for a standardized information sheet. This paper contains all the guarantees and conditions for securing a mortgage, for example.
Since October 2015, banks are required to provide a standard information sheet to ensure full transparency of the loan insurance and to ensure that the insured is aware of the guarantees on their loan. After consultation, the borrower can compare different insurance offers.
Tip: On the contrary, it is highly recommended that you go and check out the offers of competing insurance companies because you can save a lot by doing insurance delegation.
Sign up for a consultation with me, I will help you save on insuring your credit.
What information must be presented on the FIS standardized information sheet?
All borrowers must read their standardized information sheet, the reason is that it brings together all the guarantees and conditions of the insurance.
Required information on the standardized information sheet includes:
All guarantees and insurance conditions
In this sheet, the insurer must convey information regarding the guarantees presented in the insurance contract. In other words, the guarantees that need to be mentioned are death (DC), disability (IPT and IPP), job loss, loss of autonomy (PTIA) or disability insurance (ITT).
Insurance cost
Another mandatory mention, the cost of insurance must be submitted to FIS. To have an accurate idea of the cost of your protection, the insurer must provide the following three amounts: the total cost of insurance, the monthly premium amount, and the annual effective annual insurance rate (TAEA). .
Insurance quota
The insurance quota represents the distribution of coverage on the loan. The most common cases are a quota of 100% if there is only one borrower, or 50% for each co-borrower, or 100% for each co-owner of the loan.
Namely: the quota must be equal to 100%, regardless of whether the distribution is uneven or not.
Criteria established by the insurer
Among 18 possible requirements criteria, the bank is required to select and publish 11 selected ones.
These different criteria make it possible to judge the quality of the protection of the insured, but are, above all, necessary if one wishes to respect the equivalence of the insurance change guarantees.
The first 5 criteria are various guarantees, i.e. death insurance, PTIA, disability, disability, and recreational sports. Criteria 6 and 7 relate to the contract itself. It all depends on what type of contract the policyholder has entered into; it can be lump-sum or paid.
The eighth corresponds to the grace period. Criteria 9 and 10 represent the disability or employment-related disability when the claim arises. The eleventh criterion relates to the coverage of the insured in the event of disability.
As for the last four criteria, they correspond to the coverage of unobserved pathologies (psychological and spino-vertebral).
Why is a standard information sheet important for a borrower?
If the information sheet was subject to several measures, such as an obligation to provide it to every insured, this should allow for a clearer insurance offer and in favor of the borrower. Indeed, once in possession, the insured can judge its protection completely transparently, but especially be able to compare all competing insurances.
Moreover, changing insurance implies maintaining the same level of guarantee to maintain equivalence. Thus, once this condition is met, the bank cannot challenge the change in the policyholder's insurance coverage.
One of the main reasons why borrowers take out credit insurance elsewhere is so that they can save a lot. Indeed, when the insured requests insurance delegation, he can optimize his insurance costs. He may indeed qualify for the same or better protection at a lower cost by signing with competitors.
Sign up for a consultation with me, I will help you save on insuring your credit
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