The Lemoine law of February 17 puts an end, subject to conditions, to the health questionnaire usually sent to borrowers before taking out their loan insurance. From 1er June, this questionnaire will be abolished for loans of less than 200,000 euros whose term occurs before the sixtieth birthday of the insured. “The majority of our customers will benefit from this measure: in 2021, 52% of our files were for less than 200,000 euros, for an average borrower age of 37 years”, notes Sandrine Allonier, director of studies at Vousfinancer.
Note: the amount of 200,000 euros is per insured portion. A couple insured at 50% on each head can thus borrow 400,000 euros without a health questionnaire. This means that, in the event of the death of one of the spouses, the insurance covers 50% of the couple’s monthly payment, the survivor continuing to reimburse his share.
Under the new law, borrowers will therefore be able to take out loan insurance without going through the questionnaire, regardless of their health risk. “It’s revolutionary, because it will allow patients, or ex-patients, to become owners. It is possible today under conditions, but with a considerable additional cost, going up to 100% for the insurance “says Astrid Cousin, spokesperson for the online comparator Magnolia.
No more warranty exclusions or surcharges
However, this good news raises concerns. Because the abolition of the health questionnaire implies, for insurance companies, to insure their client without knowing the associated risk. “It cannot be ruled out that this pooling of risks will lead to an increase in prices for people under 40, non-smokers and in good health, who, until now, had access to insurance at very low prices”comments Olivier Lendrevie, president of the broker Cafpi.
Difficult, for the moment, to measure the impact of this reform, which could induce perverse effects. “Insurance delegation will remain attractive for young borrowers in good health, but probably a little less than before »summarizes Jehan de Castet, head for France of the fintech specializing in Friday insurance, which is preparing to launch a loan insurance offer in April.
Reduced right to be forgotten
The main beneficiaries of the abolition of the health questionnaire are the sick or ex-sick, who will now be able to borrow without being subject to exclusion of guarantee linked to their pathology or additional premium by exploding the cost. However, this additional cost could lead to a refusal of a loan pure and simple, because the annual effective annual rate (APR, including the credit rate, administration fees, insurance, etc.) exceeded the wear rate.
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