+352 290 190 777 DE EN FR
Your customer area myBaloise Link öffnet in einem neuen Tab Logout
Outstanding balance insurance
Private individuals Outstanding balance insurance
Contact us
Contact us
Are you financing the purchase of property with a mortgage?

You want to avoid leaving unaffordable repayments to members of your family in the event of an accident? Is your bank requiring you to insure the amount due under your mortgage? 

Outstanding Balance Insurance is the right protection for you!

If something were to happen to you (disability or death), outstanding balance insurance guarantees that your mortgage will be repaid.

What is Outstanding balance insurance?

Outstanding balance insurance enables you to insure the amount due under a home mortgage.
Outstanding balance insurance ensures that, in the event of death or disability, the mortgage will be repaid.
The sum insured with the outstanding balance insurance varies to match the amount which remains due under the mortgage.

Characteristics of the outstanding balance insurance

The outsanding balance insurance enables to

  • co-subscribe
  • paywith single premium or periodic premiums
  • distribute the amount to be insured among joint borrowers
  • insure every borrower for 100%
  • to add a disability cover
How is the outstanding balance insurance calculated?

The amount of outstanding balance insurance is calculated on the basis of:

  • the amount due under the mortgage, its interest rate and its term 
  • the number of people to be insured and the percentage covered for each insured person
  • the age of the people to be insured* *

* A health questionnaire must be answered before taking out an outstanding balance insurance and additional medical examinations may be required.

The benefits of outstanding balance insurance
  • borrow with complete confidence
  • protect your loved ones against risks
  • choose the cover you need in accordance with your circumstances
  • decide on a payment method (one single premium or a series of premiums)
  • tax deductibility of the insurance premiums
Tax deduction for outstanding balance insurance

The amount that may be deducted depends on:

  • the way in which premiums are paid;
  • your age when you take out the insurance;
  • the composition of your household.
Tax deduction with a periodic premium*
Tax payer Without a spouse With a spouse
Without a child € 672 € 1,344
with 1 child € 1,344 € 2,016
with 2 children € 2,016 € 2,688
with 3 children € 2,688 € 3,360
with 4 children € 3,360 € 4,032
for each additional child € + 672 € + 672

*According to 111 LIR Article

Tax deduction with single premium*
Tax payer Up to the age of 30 Increase per completed year from age 31 to 49 50 years and over
Without a child € 6,000 € 480 € 15,600
with 1 child € 7,200 € 576 € 18,720
with 2 children € 8,400 € 672 € 21,840
with 3 children € 9,600 € 768 € 24,960
with 4 children € 10,800 € 864 € 28,080

*According to 111 LIR Article

Tax advantage per age with single premium payment Tax advantages with a single-premium outstanding balance insurance pdf - 54 KB
How does my policy protect me?
Example of a married couple

Alex and Caroline buy a new house financed by a 25-year mortgage of €900,000 at a rate of 4.5%. They covered the repayment of the mortgage with a single-premium outstanding balance insurance policy covering 50 % each.

  • Alex: 32 years old, outstanding balance insurance for €450,000
  • Caroline: 29 years old, assurance solde restant dû pour €450,000
  • They have two children

They can deduct:

  • €9,744 for Alex (he has two dependent children for tax purposes)
  • €6,000 for Caroline

A total maximum deductible ceiling of €15,744

Alex dies in an accident at the age of 49.

Alex was insured for 50% of the amount due under the mortgage. Outstanding balance insurance covers all Alex’s repayments: €216,761 are therefore covered by the policy.

Example of a single person

Manuel buys an apartment financed with a mortgage of €500,000 over 25 years at a rate of 4.5%. He covers repayment of this mortgage with an outstanding balance insurance with periodic premiums covering in total 100% of the amount outstanding, together with total and permanent disability cover.

Manuel is 28 years old. As a single person, he can deduct €672 per year from his tax declaration.

Following an illness, Manuel is disabled at the age of 45.

Manuel was covered for 100% of the amount borrowed under his mortgage. The outstanding balance insurance covers the total amount still due the mortgage, i.e. €240,846.

Are you planning a property project?

Would you like to be contacted to find out more about the outstanding balance or to receive an offer? Simply fill in this form:

Number of people concerned
One person Two persons
Main telephone number
Country of residence
Would you like an offer?
Yes No
Data policy
By sending your request, you consent to us processing your data in order to respond to your request. In all cases where data processing is based on your consent, you have the right to revoke it at any time. The revocation of consent does not affect the legitimacy of the processing carried out on the basis of your consent until the revocation. You will find further information in our privacy statement.
Send now
Download our outstanding balance insurance brochure
Outstanding balance insurance brochure Leaflet-outstanding balance insurance pdf - 911 KB
The "Right to be Forgotten" in Luxembourg

On 29 October 2019, Baloise Vie Luxembourg signed the "Right to be Forgotten" Agreement with an effective date of 1 January 2020.

The objective of the "Right to be Forgotten" agreement is to facilitate access to outstanding balance insurance for people who have presented an aggravated risk due to a cancerous pathology, and, under certain conditions, a hepatitis C viral infection or an HIV infection.

If you have any questions, please contact our department at contrats.vie@baloise.lu.

Extracts from the "Right to be Forgotten" Agreement (in French) Droit oubli 2019 pdf - 546 KB
Related documents
IPID SRD pdf - 673 KB