On average, it takes less time to conclude a comprehensive contract. In addition, the insurance company may give a discount if you buy several products from it at once.
But in some cases it is still worth concluding two separate contracts. After all, insurers have different rates: one may offer more favorable conditions for property insurance, another - for personal insurance.
How to save money
When taking out a mortgage loan, you can work with any insurance company. You can change the insurer at any time, even before the old insurance expires. But the main thing is not to allow the mandatory insurance to be absent for even one day.
Once you receive approval from the bank, follow the instructions:
Find a list of insurers accredited by the bank. The bank has indonesia mobile database partnerships with them, and the lender will agree to any of them. You can also choose a non-accredited company, but the bank will check it for compliance with its requirements. As a result, it may refuse, and you will lose time.
Contact each insurer and ask what terms they can offer. If you have previously purchased insurance from one of the suggested companies, they may offer a discount to an old customer.
If you have already signed a contract with the insurer chosen by the bank, still check other companies. Perhaps you will find better conditions and will be able to sign a new contract. In this case, you must first buy a new policy and only then close the old one. Otherwise, sanctions from the creditor may follow.
This method of saving is suitable not only for personal insurance, but also for property insurance: you can insure your apartment with another company at any time.
When you renew your insurance after a year, it's worth contacting different insurance companies again and asking about the terms. Some offer discounts if you come to them from another insurer.
What else to pay attention to
If you do not want to insure your life and health, try to find a bank that will issue you a mortgage without additional insurance. To do this, you need to meet three key criteria:
Suitable age. At the end of the mortgage agreement, the age must not be retirement age.
Good credit history: a sufficient number of successfully repaid loans, no overdue payments on credit products.
High income and minimal credit burden: no more than 40% of income should go towards all loan payments (including mortgages).
To meet the age criterion, you can consider cheaper apartments: this will reduce the term of the mortgage loan. Another option: postpone the registration of the mortgage and increase the amount of savings for the down payment. A large down payment in itself increases the chances of approval of the application and good conditions.