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Construction financing protection letter explained in 30 seconds

  • Explanation: The construction financing protection letter offers temporary protection for your installments for a property financing in the event of incapacity to work, death or optionally unemployment.
  • Requirements: The protection letter can be taken out up to 12 months after the conclusion of a real estate financing contract, regardless of whether it is a new construction, the purchase of a house/apartment/property, renovation or follow-up financing for real estate or land with a simultaneous change of financial institution.
  • Waiting period: The contract provides full insurance coverage after a six-month waiting period. In the event of an accident, immediate insurance coverage is provided for incapacity to work and death. No medical examination is required for purchase.
  • Who is it suitable for? The construction financing protection policy can be taken out for real estate financing, regardless of the financial institution. It doesn't matter whether the property or land is for personal use or for third-party use.
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Explanation

Who is the construction financing protection letter for?

The Construction Financing Protection Letter offers you rapid financial support to secure your real estate financing in the event of incapacity to work, death, or optionally, unemployment. It temporarily covers your loan payments up to the selected coverage amount, allowing you to reorganize your financial situation.

Owning your own home is a dream come true for many people. It offers quality of life and provides a safe haven for retirement. When purchasing a property, the loan amounts are usually high, and repayments are planned over a long period of time. But what if life doesn't go according to plan? This could be the case, for example, with income losses due to prolonged incapacity for work due to illness, job loss, or even the death of a breadwinner. Unemployment can also lead to financial hardship.

The construction financing protection letter offers you quick, temporary financial support to initially continue your current installments for your construction financing.

Advantages:
  • Don't worry: Fast financial support to avoid an emergency sale
  • No restrictions: In addition to real estate acquisition, also possible for land acquisition, renovation and follow-up financing with simultaneous change of financial institution
  • No dependency: Independent of the financial institution and possible for own or third-party use of the property or land
  • No medical examination: In case of incapacity for work and death, full insurance cover applies after 6 months, in case of accident immediately, in case of unemployment full insurance cover applies after 6 months

Construction Financing Protection Letter: Deutsche Lebensversicherung-AG offers insurance coverage for incapacity to work and death, and our partner RheinLand Versicherungs AG offers insurance coverage for unemployment. Deutsche Lebensversicherung-AG is the contact for all customer concerns.

The video shows why temporarily securing loan installments with the construction financing protection letter can be useful: