Outstanding Balance Insurance
Protect Your Family!
Outstanding balance insurance covers a debt against the risk of death or disability.
The insurance company guarantees to reimburse the remaining balance of the loan in the event of the borrower's death or disability, so that the family does not have to assume this debt in the event of tragedy.
Benefit from Tax Deduction
Deduct outstanding balance insurance and save on taxes!
The deductible amount depends on the type of premium payment, your age and household composition.
Single Premium or Annual Premium?
You have the choice!
You can choose between 2 options: Annual/monthly premium: You can deduct premiums up to €672/year/person, including all insurance and interests on personal loans. Single premium: Opt for a one-off payment and increase the deduction limit for special expenses.
Some Deduction Examples
| Single Premium: | 13.200€ |
| Annual Premium: | 672€ |
| Single Premium: | 18.240€ |
| Annual Premium: | 1344€ |
| Single Premium: | 19.920€ |
| Annual Premium: | 2016€ |
| Single Premium: | 28.320€ |
| Annual Premium: | 2688€ |
Interested? Ask for a quote without any obligation!
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This service is free of charges and without any obligation to buy.
Mortgage loan and outstanding balance insurance: which option to choose?
This insurance protects against the risks of death and disability, shielding your loved ones from potential debts. Banks often require it for home loans, but did you know that it also offers tax advantages?
How do you deduct insurance premiums? What type of premium is most advantageous?
Annual/monthly premium:You can deduct premiums up to €672/year/person, including all insurance and interests on personal loans. However, if you have other deductions (e.g. health or car insurance) or interest on a personal loan, this ceiling can be quickly reached.
Single premium:Opt for a lump-sum payment and increase the deduction limit for special expenses.
The ceiling is increased as follows:
6,000€ + 1,200€ per child in the household
8% extra for each year after the policyholder's 30th birthday.
Tip:Single-premium insurance is deductible every 5 years, ideal for covering your home loan over the long term!
Simplify your tax return with taxx.lu!