For real estate and business loans, the AERAS Convention provides for an in-depth examination and systematic of your insurance application.
The three levels of review of your borrower insurance application
If your state of health does not allow you to be insured with a standard guarantee, with or without additional premium, either at “first level“, your file will be automatically transferred, without any special action on your part, towards an insurance system of “second level“which allows an individual re-examination of your request. At the end of this examination, if an insurance proposal cannot be established, your file will be sent, always without your intervention, to the pool of very aggravated health risks or “third level“, as long as your insurance application meets the following conditions:
insurance contracts must expire before the borrower’s 71st birthday;
as regards real estate loans relating to the main residence, the insured portion does not exceed € 320,000, without taking into account bridging loans;
in other cases of real estate and professional loans, the insured portion of the cumulative outstanding loans does not exceed € 320,000.
The insurer informs you, by mail, of its decision: acceptance or refusal of insurance, postponement, limitation or exclusion of cover, possible increase in the rate. This letter also mentions the existence and contact details of the AERAS Mediation Commission, as well as the level of examination at which the refusal took place.
In the event of insurance refusal, the lender will examine with you the possibilities of alternative guarantees (guarantees, mortgages, etc.), including in the event that your project does not meet the eligibility conditions of the 3th examination level.
You can also write to the insurer’s doctor, directly or through a doctor of your choice, to find out the medical reasons that led to the insurer’s decision.
Whatever the level at which it has been formulated, an insurance proposal may be accompanied by a exclusion or a surprime .