The Good Finance insurance is on the rise. Last year the number of applications to the Flemish government doubled. But do not forget that this popular insurance policy also has many conditions. It may well happen that you fall out of the boat because of this. Is there no alternative for them? Nevertheless: the additional guarantees ‘Incapacity for work’ and ‘Involuntary unemployment’ that are linked to the debt balance insurance. Read all about it here!
Insurance Good Finance: unfortunately not for everyone
It will just happen to you. You have a well-paid job, just bought a house, and suddenly you run out of work … Due to involuntary unemployment or because you are no longer able to carry out your job due to an illness or accident . This often has dramatic consequences for the repayment of your loan.
As a safety net, the Flemish government created the free Good Finance insurance five years ago. Anyone who loses his job or becomes ill can rely on this insurance for up to three years to repay part of the loan. The amount is limited to a maximum of 600 euros per month and a maximum of 70% of the installment amount.
No income limit
There is no income limit for the Good Finance insurance (with a few exceptions), but there is another important condition: the home may not be more expensive than 320,000 euros . In addition, the insurance must be taken out within the year of purchasing the property. The Good Credit insurance is a step in the right direction. But the predefined conditions mean that various prospective buyers are not eligible for it … The financial protection of your loved ones is crucial for everyone!
Debt balance insurance with additional guarantee (s): still the most complete protection!
Should prospective buyers who do not qualify for the Good Finance Insurance simply submit to their fate? Luckily not. By taking out an additional ‘disability’ and / or ‘involuntary unemployment’ guarantee with your debt balance insurance, you also protect yourself against loss of income. And that applies to everyone: whether your home costs more or less than 320,000 euros!
- ‘Incapacity for work’ additional guarantee: maintains your standard of living when you are no longer able to carry out your job due to illness or accident.
- ‘Involuntary Unemployment’ additional guarantee : indemnifies you from headaches if you suddenly run out of work. No superfluous luxury in times of economic crisis.