KBC Comfort Loan Balance Insurance

Financial insurance during the term of your credit facility

KBC Comfort Loan Balance Insurance

Financial insurance during the term of your credit facility

Well covered

This loan balance insurance is linked to your KBC credit facility. This means that you are always automatically insured for the right amount. The insurance evolves with the outstanding debt.

Disability cover

If you are unable to work due to sickness or an accident, the optional disability cover will ensure that KBC fully or partially covers the loan balance as you focus on your recovery.

Financial peace of mind for your loved ones

Your loved ones will have no need to worry about making the payments of your credit facility after your death. Thanks to the loan balance insurance, KBC will pay back some or all of the outstanding debt.

What is KBC Comfort Loan Balance Insurance?

KBC Comfort Loan Balance Insurance is guaranteed-interest life insurance (class 21) that offers financial protection to your loved ones. In the event of your death during the term of the credit facility, KBC will pay back some or all of the outstanding debt. Your loved ones will have no need to worry.

Linked to your KBC credit facility

KBC Comfort Loan Balance Insurance is linked to your KBC credit facility. In other words, the insurance will always automatically evolve with the debt still outstanding, even if you decide to pay off your credit facility early or if you have a flexible credit facility. This ensures that you are always insured for the right amount.

Premiums

  • Payment is made on four fixed quarterly maturity dates.
  • The premium is subject to a number of segmentation criteria. Read more on these criteria.
  • The premiums are recalculated every quarter based on the outstanding debt. This avoids any overinsurance if you pay off your credit facility early.
  • The premiums for persons residing in Belgium are subject to an insurance tax of 1.1% (in case of cover or the reconstitution of a mortgage loan for real estate) and 2% in other cases.

Cover percentage

The cover percentage of the loan balance insurance shows which percentage of the outstanding debt is insured. A cover percentage of 100% is ideal. This ensures that other borrowers or heirs will be exempt from making any further repayments in the event of your death.

The policy does not include a sum insured, as the insurance is linked to the KBC credit facility. A reference is made to the outstanding debt for the KBC credit facility.

Advance insurance cover

You benefit from free advance insurance cover. This is useful if you have already legally committed to paying certain amounts (such as under a pre-contract) even before applying for a loan. Advance insurance cover ensures you are covered before drawing down the loan for the first time and also before the deed of loan has been executed. The cover applies for a maximum of one year but ends at the latest when the actual insurance cover starts.

The sum insured is the loan amount times the selected cover percentage.

Taxation

Depending on the policyholder’s personal situation (as a private individual), the following tax systems may apply:

  • Flemish housing bonus (own home)
  • Walloon housing cheque (one and only own home)
  • Individual life (not own home)

The amount qualifying for tax relief and the amount of relief you can claim depend on your individual circumstances and could be affected by future statutory and other changes.

In case of a tax advantage, even for a single premium payment, the pay-out is subject to tax. You can also choose not to claim tax relief on the premiums.

What is not insured?

As with any insurance policy, there are exclusions, such as:

  • Death by suicide of the insured in the first year of the contract. However, euthanasia according to the legal provisions is included.
  • Death of the insured as a consequence of an act of violence or active participation in events of war.

Optional: Disability cover

What is disability cover?

Supplementary disability cover means that KBC Insurance will cover some or all of your loan balance if you are unable to work due to sickness or a personal accident. You will receive a monthly allowance based on the loan balance and the premium for the loan balance insurance. The premium for this optional insurance is also reimbursed.

Some characteristics

  • The period coincides with the period of the credit facility to which the insurance is linked.
  • The premium depends on your age and the level of the insured allowance. The premiums are recalculated every quarter based on the outstanding debt.
  • The percentage of the disability cover is smaller than or equal to the cover percentage of the loan balance insurance.
  • A one-month elimination period applies: this means that if you are unable to work, you will only become entitled to your allowance after one month. You need to cover this period yourself.
  • A full medical questionnaire must be completed.

What is not insured?

As with any insurance policy, there are exclusions, such as:

  • Risk situations such as events of war and acts of violence
  • Aggravated risks such as certain sports or pre-existing conditions may be excluded

More things you need to know

  • KBC Comfort Loan Balance Insurance is governed by the laws of Belgium.
  • KBC Comfort Loan Balance Insurance requires medical acceptance.
  • The tax treatment may change in the future, and depends on your individual circumstances. Your intermediary will be glad to give you bespoke advice in this respect.
  • Term: coincides with the period of the credit facility to which the insurance is linked.
  • Your intermediary is your first point of contact in the case of questions and complaints you may have.  If you have any complaints, please contact complaints@kbc.be, tel. 0800 62 084 (free) or 078 15 20 45 (pay number), fax 016 86 30 38. If this does not result in a satisfactory solution, you can contact the Insurance Ombudsman, which acts for the entire industry, at Meeûsplantsoen 35, 1000 Brussels, info@ombudsman.as or visit www.ombudsman.as
    However, you always retain the right to initiate legal proceedings.

A special solidarity mechanism applies to the loan balance insurance to cover a mortgage loan if you only own one home. If an increased health risk results in an additional medical premium for the loan balance insurance that exceeds a certain minimum threshold, the compensation mechanism ensures that the surplus will be paid by the Compensation Fund rather than the policyholder. The policyholder does not have to specifically request this contribution from the Compensation Fund. The insurance company enforcing an additional medical premium exceeding the KBC branches and our KBC insurance agents. 

Contact your KBC insurance intermediary to request a quotation for KBC Comfort Loan Balance Insurance.

The KBC Comfort Loan Balance Insurance is a product of KBC Insurance NV – Professor Roger Van Overstraetenplein 2 – 3000 Leuven – Belgium
VAT BE 0403.552.563 – RLP Leuven – IBAN BE43 7300 0420 0601 – BIC KREDBEBB
Company authorised for all classes of insurance under code 0014 (Royal Decree of 4 July 1979; Belgian Official Gazette, 14 July 1979) by the National Bank of Belgium, de Berlaimontlaan 14, 1000 Brussels, Belgium.
Member of the KBC Group

Detailed information on this product can be found on the product fact sheet and on the financial fact sheet, which we recommend you read carefully before taking out this product

Was this page useful to you? Yes No

Need to file a claim? Here's how to go about it…

Need to file a claim? Make sure it goes quickly and smoothly with the help of our handy guide.
Need to file a claim? Here's how to go about it…

Why build an energy-efficient home?

Energy-efficient is the term on everyone's lips. But what does it really mean? And why is it a good idea?
Why build an energy-efficient home?

Selling your home or buying a new one?

Buying a new home? You should sell your existing home first. Or is it the other way round? Let us clear up the confusion.
Selling your home or buying a new one?

Garden loan

Want to landscape your garden or make it a bit cosier? We've got just the loan for you at the right price.
Garden loan