Loan insurance delegation
All borrowers wishing to optimize credit insurance cost — Surcharge: -50% à -20%
Loan insurance delegation means choosing external insurer rather than bank group contract. Authorized by Moroccan law since 2019, allows 20-50% savings on death-disability insurance (i.e. 15,000-40,000 MAD on 20-year mortgage). Bank can only refuse with written justification proving inferior coverage.
Specific risks
No specific risk. On the contrary, delegation often brings better coverage (higher ceilings, fewer exclusions) at lower price. Minimum guarantees required by bank must be respected by external insurer.
Bank approach
Bank must provide standardized information sheet (FSI) listing minimum guarantees. You obtain external equivalent or superior quote, then submit file to bank for acceptance (legal 10-day delay). Written motivated refusal mandatory if opposed.
Delegation strategy
Key steps: 1) Request FSI from bank. 2) Obtain 3 quotes from specialized insurers (Wafa, AXA, RMA). 3) Negotiate insurance rate (possible −40% vs bank gap). 4) Present file to bank with equivalent guarantees. 5) Final signature with new insurance certificate.
Numeric example
1M MAD mortgage over 20 years. Bancassurance (group contract): 0.36% initial capital/year = 3,600 MAD/year for 20 years = 72,000 MAD. Wafa Takaful delegation: 0.20% = 2,000 MAD/year = 40,000 MAD. Total savings: 32,000 MAD (−45%). Death + IAD + ITT guarantees maintained.
Practical tips
- Delegate at signing: maximum savings over 20 years
- Compare minimum 3-4 insurers (possible 50% tariff gap)
- Verify exclusions (extreme sport, expatriation) before signing
- Keep option to change insurance after 12 months (2019 law)
- Simultaneously negotiate credit rate — banks sometimes accept as compensation
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