This insurance is not always compulsory. In the event of job loss, it compensates for the loss of income of the insured by temporarily covering all or part of the loan repayments. Warranties vary greatly from contract to contract, so take the time to read it.
What is the real scope of job loss insurance?
When you are about to make a loan over 20 or 25 years, taking out a job loss insurance contract seems reasonable. This guarantee is not obligatory. It is judged, according to some, not very protective and, for the others, too expensive compared to the real extent of its guarantee.
Job loss insurance relates exclusively to unemployment resulting from individual or collective dismissal, any other case being excluded (resignation or dismissal for serious misconduct). To subscribe to the guarantee, different age conditions according to the organizations are also required; and only employees can access it (often a CDI of more than 6 months or 1 year is required).
The waiting period is an important clause of the contract, you should know that the job loss insurance is only triggered after two periods: a waiting period which starts on the date of signature of the contract, during which the guarantee does not apply. can be implemented. In the event of unemployment during this period, no entitlement to benefits under the guarantee is possible! Depending on the company, this waiting period can be spread over 3, 6 or 12 months. After this first period, the warranty actually starts. To these deadlines, we must add another element likely to make you think before signing: it is the duration of compensation. Here too, there are strong disparities between insurers. It can vary between 12 and 36 months depending on the contracts.
As for the amount of support, the contracts also differ. Please note: in most cases, there is a maximum daily allowance, often set at 64 euros.
As for guarantees, the offer is very diversified. This makes the comparison between contracts all the more difficult.