Aprose – National Association of Insurance Agents and Brokers called on policymakers to change the law to save Portuguese from multi-risk life insurance and home loan costs.
In a statement, the entity stressed that “at a time of great difficulties for most Portuguese, with the constant increase in interest rates, the National Association of Insurance Agents and Brokers calls on political decision-makers to move forward without further delay. with changes in the law that will put an end to the ‘hidden income’ of life insurance and multi-risk mortgage loans”.
The association has indicated which change it proposes “This is to ensure that there is no ‘spread’ penalty if the customer decides to switch their life insurance policy to an insurer of their choice, on the open market”.
The organization denounces that “the products sold by banks, in a package logic, in many cases reach twice the price verified by insurance companies and in a free and competitive market”.
According to Aprose, “Changing the law would allow significant savings on housing costs for hundreds of thousands of Portuguese”adding to that “does not understand why this measure has not yet been put into practice, as it would be the most direct way to reduce housing costs”.
The association presented a study “that supports the need to move forward with this change” to the government, parties with seats in parliament and the Supervisory Authority for Insurance and Pension Funds, which it says has received “everyone’s agreement”. “that nothing has been done so far, while thousands of Portuguese are experiencing serious difficulties in supporting their housing costs”.
This study, which focused on the “The values of insurance premiums taken out at bank branches allowed us to conclude that, if insurance is dealt with in a free market, the savings, per contract, could amount to approximately 50% per month”.
Aprose gives an example where “with a financing of 240 thousand euros, the savings are 10 to 30 thousand euros over the term of the contract and more than 500 euros per year”.
“We cannot limit ourselves to watching announcements from the European Central Bank when we have this instrument that can greatly ease the lives of the vast majority of Portuguese”said Aprose President David Pereira, who was quoted in the same note.
“The competent authorities to make changes to the law have already been warned by us, we have handed over the investigation to the government and the regulator and met with all parliamentary groups. Now is the time for those who decide and legislate to do their part and we cannot wait any longer. The Portuguese cannot wait any longer,” he concluded.
Source: DN
