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Is it worth removing the insurance from the bank?

External insurance can be cheaper. But the bank increases the monthly payment for those who remove them. See how much external insurance can cost to ensure you actually save.
  • Credit intermediary and insurance agent registered with BdP and ASF
  • Compare identical coverages, with the 2026 rules
  • No costs or commitment
Since April 2026, the bank can only require death coverage The comparison uses the coverages you have today: death and disability, with the same insured value. Disability has become your choice. Confirm with the bank how it applies to your contract.
Which insurance do you want to remove from the bank?

Three questions to find out if it's worth removing the insurance from the bank

The values are in the account statements and the credit contract.
€

We estimate €75 per month, a reference value. Enter yours for an accurate calculation.
€

We estimate €120,000 in debt, a reference value.
points

We estimate 0.40 points, the usual (between 0.30 and 0.50). Check your contract.
We assume 25 years of credit ahead and a reference interest rate of 3.67%. These are assumptions.

How we calculate

We compare keeping the bank's insurance with switching to another insurer, taking into account the spread discount you may lose.

  1. What you pay today

    Premiums for the life insurance and the home insurance you have with the bank, with a reference annual increase.Your data; Assumption

  2. What leaving costs

    If the bank gives you a spread discount for having your insurance there, we calculate the extra interest you pay without it.Assumption

  3. The balance

    Savings on premiums minus extra interest, over the reference horizon. You have the right to choose the insurer, as long as the policy meets the required coverages.Legal rule · DL n.º 74-A/2017; Lei n.º 14/2026

Illustrative cases

Illustration: Margarida at the desk, with the credit contract and monthly bills
Illustrative example

Margarida removed both insurances from the bank and ended up paying less.

She is 41 years old and lives in Guimarães. She owes €140,000 to the bank, has 27 years left, and was paying €96 per month for life and home insurance. She was afraid that the monthly payment would increase more than the savings on the insurance.
  1. 1“If I remove the insurance, the bank will increase my monthly payment. Is it still worth it?”
  2. 2Without the bank's insurance, the monthly payment increases by €31.24 per month. Therefore, external insurance was only worthwhile below €64.76. The proposal with the same coverage was €48.
  3. 3She asked CrediSegur for a comparison with equal coverage and changed both insurances. The bank accepted the new policies. She saves €16.76 per month, even with the increase in the monthly payment.

The monthly payment increases €31.24/month

Savings per month€16.76/month

Savings per month
€16.76/month
already with the increase in the monthly payment
The monthly payment increases
€31.24/month
per month, with the spread 0.40 points higher
In 10 years
€2,855
with the assumptions
“I was only looking at the insurance price. I was missing the other half of the equation.” — Margarida
Illustration: Graça and Armando in the living room, reviewing the household bills
Illustrative example

Graça and Armando only changed the life insurance.

They are 56 and 58 years old and live in Vila Nova de Famalicão. They only owe €48,000, have 11 years left, but the bank's life insurance was costing them €118 per month. With age, the insurance became expensive.
  1. 1“The life insurance now costs almost as much as electricity and water combined. Can we change it?”
  2. 2Without the bank's life insurance, the monthly payment only increases by €5.72 per month. The external insurance could cost up to €112.28. The proposal with the same coverage was €79.
  3. 3They changed the life insurance with CrediSegur and left the home insurance with the bank, where the difference was small. They save €33.28 per month.

The monthly payment increases €5.72/month

Savings per month€33.28/month

Savings per month
€33.28/month
already with the increase in the monthly payment
The monthly payment increases
€5.72/month
per month, with the spread 0.25 points higher
In 10 years
€4,679
with the assumptions
“We owe little, so the monthly payment hardly changed.” — Armando
Illustration: a young couple in front of an apartment building, with a long path ahead and a scale tipping towards the loan
Illustrative example

Those who owe a lot and pay little for insurance may not gain anything.

Bank insurance per month €38

Without them, the instalment rises€42.81

A couple aged 32 owes €180,000 and still has 35 years of credit ahead. They pay €38 per month for the bank's insurance. Without them, the monthly payment would increase by €42.81 per month: more than the insurance itself. Here, no external price is worthwhile. What might be worthwhile is reviewing the entire credit.
*Illustrative, non-binding example, with fictional characters and values, purely indicative and subject to confirmation. It does not constitute an insurance offer, nor does it replace the analysis of each client’s personal situation or the insurer’s acceptance of the risk. Under the information duty set out in Law no. 7/2019, of January 16 (legal framework for insurance distribution). CrediSegur (CRRF Brokerage, Lda.) — Insurance Agent registered with the ASF under no. 421571530, for the Life and Non-Life branches, under a commercial agreement with Seguramos – Corretores de Seguros, S.A. In the event of a dispute, the client may resort to CIMPAS — Centro de Informação, Mediação e Arbitragem de Seguros. Illustrative cases: characters, values, and conditions are fictional and serve only to demonstrate the simulator's operation. The increase in the spread and the interest rate are assumptions, not conditions of any bank. Insurance proposals only after analyzing the client's needs.

What is true and what is myth in credit insurance

Four ideas we hear often, and what to do in each case.
  • Myth“I am obliged to have the insurance with the bank.”False. The law allows you to choose the insurer. The bank can increase the spread, but only what is written in the contract.What to do: Check the contract to see how much the spread increases without each insurance.
  • Depends“External insurance is always cheaper.”Often it is. But the monthly payment increases. In large and recent credits, the increase can take away all the savings.What to do: Compare the external price with the limit the simulator gives you.
  • Truth“The bank can only require death coverage.”True, since April 2026. Disability has become your choice. But without it, the debt continues if you become unable to work. Confirm with the bank how it applies to your contract.What to do: Decide on coverage based on your life, not just the price.
  • Myth“One life insurance is the same as another.”False. Some insurance policies only pay out in the event of total disability, while others pay out earlier. The insured amount also varies.What to do: Request the conditions in writing and compare line by line.

The next step

You already have this answer. Keep going — each tool prepares the next decision.

Support from a CrediSegur manager

A CrediSegur manager follows your request with the institutions we work with. Our intermediation service has no cost for you.

Frequently Asked Questions

Yes, you can. Mortgage law allows you to choose the insurer, as long as the new insurance has the coverage the bank can require and the bank as the beneficiary. You can change at any time during the loan.
When you took out the loan, the bank gave you a discount on the spread for having the insurance with them. This is called a bonus. If you remove the insurance, you lose this discount and the interest rate increases. The amount is in the contract and usually ranges between 0.30 and 0.50 points for both insurances.
Law No. 14/2026 states that the bank can only require death coverage in life insurance. Disability has become optional. The law also allows replacing life insurance with another guarantee, such as a mortgage on another house or a guarantor. Confirm with your bank how it applies to your contract.
They are the same covered situations and the same insured amount. In life insurance, check if it includes death and disability, and what type of disability. In home insurance, check the reconstruction value and if it includes contents. Only then is the price comparison fair.
It cannot refuse insurance that meets the contract requirements. It may request the policy and conditions to confirm. Therefore, never cancel the bank's insurance before the new one is accepted.
Because the risk increases with age. In many external insurances, the insured amount follows what you still owe, which curbs the increase. The simulator uses an average increase of 3.0% per year, which you can change in «Refine assumptions».
Official data verified on 10/20/2026 · Sources: Diário da República, Autoridade Tributária, Banco de Portugal · see sources
Important Note: Informative simulation. The increase in the spread without the insurance, the interest rate, and the increase in premiums are assumptions you can change; they are not conditions of any bank or insurer. Confirm in your contract how much the spread increases before deciding. Rules for life insurance associated with the mortgage: DL n.º 74-A/2017 (o cliente pode escolher o segurador) e Lei n.º 14/2026, de 27 de abril (o banco só pode exigir a cobertura de morte). CRRF – BROKERAGE, LDA (CrediSegur) is a tied credit intermediary registered with Banco de Portugal (No. 0001290) and an insurance agent registered with ASF (No. 421571530); it does not charge fees for credit intermediation. Insurance proposals only after analyzing the client's needs.