At Boracay Brokers we are experts in life insurance and we want to talk to you about this topic:
The mortgage law allows banks to require their users to have life insurance in order to grant them a mortgage, however, they cannot force them to contract it with them, and customers have every right to choose on their own the insurance company they prefer to take out their insurance.
Studies have shown it: buying a life insurance with a bank is much more expensive than doing it with an insurance company.
In 2020 the value was close to being 79% more expensive. This year, according to INESE data (which has taken into account the offers obtained by 6 banks and 18 insurance companies) take out life insurance through an entity Banking turns out to be 86.7% more expensive than if you do it through a brokerage like Boracay Brokers. We will always find life insurance with excellent coverage and with the company that suits you best.
However, banks do not offer the user any extra service compared to a specialized insurance company.
They usually offer life insurance associated with a mortgage, sometimes in exchange for discounts on the interest on the loan, but we always need to question whether the final price we are going to pay is really profitable.
At Boracay Brokers, we are an expert in life insurance brokerage. We can compare the premiums of the different companies and find the best solution that suits you and your needs.
Boracay Brokers, seguros por naturaleza.