Securing construction financing with RVL

Hello everyone,

after I signed the purchase contract about a month ago and the financing is in place, I am currently thinking about insurance, i.e. I already started that before, but the bank told me I can take my time with it as long as I don’t wait half a year. Now my question:

I am currently the sole earner, have a wife and 2 children. My plan therefore: 1. term life insurance, where my wife insures me up to the financing amount. 2. And term life insurance, which I take out for my wife with half of the financing amount. 1. decreasing, 2. constant. What do you think? Does that make sense? I really thought of the decreasing one as protection for the house. The constant one in case I couldn’t work full time anymore, since the kids would need to be provided for then. I hate these kinds of thoughts, but somehow you have to protect yourself realistically.

Then the bank offered me an insurance. A kind of installment protection for 10 years, where the insurance pays 500 euros/month in case of unemployment or illness-related absence. However, it costs almost 2k. Therefore, I am very undecided here.

Then the bank offered me a home savings contract for the follow-up to my 15-year fixed interest rate with 1.5% for a home savings loan. However, I don’t currently know how much I would have to pay monthly so that it matures on time. However, it also costs almost 3k in fees. Home savings contracts often have a rather negative reputation. Since nobody currently knows how interest rates will develop or since they obviously tend to rise, I’m still unsure, but probably nobody can make the decision for me.

Best regards, Hubi

Hi,

I would conclude a mutual RLV. What will you do if the woman is no longer there and you have to take care of the kids?

In addition, I have chosen a declining one. Everyone has to know/decide for themselves.

We have also mutually secured ourselves and chosen a consistent amount.

Moin, I would take out a mutual RLV. What will you do if the woman is no longer there and you have to take care of the kids? Also, I chose a decreasing one. Everyone has to know/decide for themselves

Could you please say something about the costs of such insurance? We would also like to take out a mutual RLV. We both earn about the same (difference is about €400 net). On Check24, for example, or other portals, I cannot find the option to compare mutual RLV. There, you can only take out one per person.

We have secured €400k until the age of 60, costing us around €720 per year. More important is your health condition and what you "do" in your life. The salary actually doesn't matter.

We were 35 and 36 years old when we signed the contract.

Could you please say something about the costs of such insurance? We also want to take out a mutual RLV. We both earn about the same (difference is about €400 net). On Check24, for example, or other portals, I can't find the option to compare mutual RLV. There you can only take out one per person.

Well, you have to take out two contracts. The policyholder is always the 'survivor', and the insured person is the risk person. Costs depend solely on the sum insured and the entry age. As a rule, it is a few hundred euros annually per insurance. The prerequisite, of course, is a reasonably good state of health. The questions usually do not go very deep, but you do have to answer a few things.