In the event of death or disability, what happens to the credits?

In the Colombian market, there are opportunities to purchase insurance for loans that allow individuals to protect their financial obligations against situations such as total or permanent disability, death or even involuntary loss of employment.
This protection also extends to mortgage loans, providing coverage against events that may affect real estate, such as fire or earthquakes.
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In fact, these insurances offer the possibility of safeguarding not only mortgage loans, but also, in general terms, any type of consumer credit.

In general, these proposals are promoted through financial institutions with which a partnership is established or directly to the insured. This means that families do not have to worry about these responsibilities and are backed up at the times when they need it most.
For example, at Scotiabank Colpatria, unemployment insurance for consumer loans provides coverage in cases of involuntary unemployment, the first diagnosis of serious illnesses and accidental death. The age required for its acquisition is at least 18 years, while the maximum age of entry is 69 years and 364 days.

The financial institution offers several credit insurance options:
'Vida deudor consumo: Seguro de vida y incapacidad total y permanente para clientes de Scotiabank Colpatria'.
Crédito Fácil Codensa debtor life: Protection against the risks of death or permanent total disability of Crédito Fácil Codensa, Enertolima, Enerpereira debtors' customers, and more that you can learn more about by visiting this link.
To obtain the credits you must go personally to the offices and request it, bring the required documentation and wait for the corresponding approval from the bank. Banco Santander offers insurance with which it is possible to acquire complete coverage for death, whether due to natural or accidental causes. It offers the option of protection in situations of total and permanent disability due to accidents or illnesses. This protection guarantees the security of the patrimony and ensures that the family will not inherit the debts in case of death or total and permanent disability.

DANIELA GUTIÉRREZ MUNAR