Outstanding balance insurance

Outstanding balance insurance is a temporary life insurance linked to the mortgage. Upon the borrower's death, the insurer repays all or part of the remaining capital to the bank, protecting the spouse and heirs. In Belgium, it is not legally mandatory but almost always required by banks. The premium depends on age, health, insured amount, and duration. It can be paid as a lump sum (single premium) or periodically. For new loans on one's own home, there is no longer a regional tax advantage: all three regions have abolished it. Older loans keep their regime. It is advisable to compare offers, as prices vary between insurers.