Insurance protecting repayment of loans

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Peace of mind when taking out a loan?

With our Repayment protection insurance, we guarantee the payment of cash benefits if your circumstances become problematic.
loan repayment protection insurance

Did you know that loan repayment protection insurance...

  • Protects your well-being and that of your family, so they won’t be affected by an unexpected loss of income or an increase in expenses?
  • Offers you peace of mind?
  • Covers you during periods of unemployment, temporary disability or hospitalisation?
  • Even though it covers temporary disability, does not require a medical examination?
  • Is really easy to take out?
  • Costs very little and solves a lot of problems?
  • Was the most popular form of insurance commercialised in the global bancassurance market in the year 2017?(1)
Even so, there are still many myths...

Myths Answers
"It is too expensive for what it covers" Remember that the coverage period is up to 10 years, if it is a personal loan, and 5 years, if it is a mortgage, and therefore, the cost is higher. The premium should be compared with the maximum compensation you may be entitled to in the event of a claim
"There are so many exclusions" Exclusions allow the insurance provider to limit the level of risk in order to offer you a more affordable insurance product. Furthermore, the exclusions are the same as the ones established by all companies for this type of insurance and, for the most part, the aim is to prevent fraud or to ensure they are not covering pre-existing conditions
"I am not convinced. A friend of mind had this insurance and when he was unemployed it didn’t cover him" This may be because he was affected by one of the exclusions, or because he became unemployed within 2 months of taking out the insurance, in other words, during the established grace period. Exclusions are the same in all payment protection insurance and the grace period is also similar, so it affects customers of all companies alike
"What happens if I have a permanent contract with a company, and I am also registered on the Special Self-Employment Scheme?" In this case, you will be covered for temporary disability due to illness or accident
"If the mortgage is in both mine and my husband’s name... Does this insurance cover both of us in the event of unemployment?" The insurance can cover one or more people. In this case, the minimum coverage is 5% for each insured party, and the sum total of all the percentages must be 100%

Please see below the cover, compensations and grace periods

  1. Employed (permanent contract).
  2. Self-Employed.
  3. Civil servants.arios.
  1. Temporary workers.
  2. Home-makers.
  3. Retirees.
  4. Students.

Employment situation of the insured party
Cover 1 2 3 4 5 6 7
Unemployment (involuntary)
Temporary disability
Situation Compensation Compensation limits for personal loans Compensation limits for mortgage loans
Unemployment (involuntary) Payment of the monthly repayment amount at the time of the claim, for every 30 consecutive days during the situation covered €1500 per month for the following number of payments:
  • 9 consecutive payments in respect of the same claim
  • 18 alternate payments for different claims
€1500 per month for the following number of payments:
  • 12 consecutive payments in respect of the same claim
  • 36 alternate payments for different claims
Temporary disability
Hospitalisation Payment of the monthly repayment at the time of the claim for the first 7 consecutive days in the situation covered, and afterwards, a new additional payment for every 30 consecutive days of hospitalisation
Grace period
Initial Between claims
Unemployment: 60 days
Temporary disability: 30 days
Hospitalisation: 30 days
Unemployment: 60 months
Temporary disability and Hospitalisation:
  • Same cause: 6 months
  • Different cause: 1 month

Cajamar Seguros Generales Claims Line:

911 697 470

(1) Source: Study conducted by Finaccord (a subsidiary of Aon).

Insurance protecting repayment of loans provided by Cajamar Seguros Generales, S.A. de Seguros y reaseguros and brokered by Cajamar Mediación, Operador de Banca-Seguros Vinculado, S.L.U., CIF B-04428223, Plaza de Juan del Águila Molina, 5 04006 - Almería, entered in the Special Administrative Register of insurance brokers, reinsurance brokers and their senior executives, held by the Directorate General of Insurance and Pension Funds (DGSFP), with registration code OV0014. It has public liability insurance policy in place in accordance with art. 152, point 1(g) of Royal Decree-law 3/2020, of 4 February, regarding urgent measures. Go to to view a list of Insurance companies that have an agency contract in place with the Linked Bancassurance Operator.