Here are all useful information on Millennium mortgage - linked insurances:

Life insurance of the Borrower

Life insurance of the Borrower is a standard collateral of Millennium mortgage. You can take advantage of exceptionally attractive offer in Bank Millennium or provide for individual insurance.

If you choose the former option, you join group life insurance in PZU Życie S.A. and may benefit from:

• very low monthly insurance premiums - only 0.02% of insurance amount (i.e. current debt updated annually)

NOTE! Insurance premium is not dependant on the age of the Borrower and is fixed throughout the whole insurance period, i.e. does not rise along with the age of the Borrower.

• convenience and time - you don't need to provide the Bank with assignment of rights under the insurance annually
• simple and friendly procedure - in order to join the insurance all you need to do is just declare the will to use the offer upon loan application submission. You don't have to provide any extra documents, fulfill any conditions, fill in medical questionnaire or carry out any medical tests.

REMEMBER! If you decide on individual insurance, remember to provide the Bank with assignment of rights under the insurance annually.

Real estate insurance

Real estate insurance is a standard collateral of Millennium mortgage. You can take advantage of exceptionally attractive offer in Bank Millennium or provide for individual insurance.

If you choose the former option, you join group real estate insurance in PZU S.A. and may benefit from:

• low monthly insurance premiums - only 0.9‰  of insurance amount (i.e. real estate value)
• convenience and time - you don't need to provide the Bank with assignment of rights under the insurance annually
• simple and friendly procedure - in order to join the insurance all you need to do is just declare the will to use the offer upon loan application submission. You don't have to provide any extra documents, fulfill any conditions or additional requirements.

REMEMBER! If you decide on individual insurance, remember to provide the Bank with assignment of rights under the insurance annually.

Risk commission (until mortgage is registred)

Risk commissios is required until the final collateral is established (mortgage is registered in favour of Bank Millennium).
The annual commission rateis 1% of loan amount ( charged monthly). Each month you pay a proportionate part of the commission, i.e. 0.0833% of loan balance. Last fee commission is charged for the month when you provide the Bank with the copy of first mortgage entry in favour of Bank Millennium.  If you do not have a copy of  mortgage register and you know that you have already made an entry of a mortgage, you can report it to the nearest branch of the Bank. If you positively will verify this information, you will need to submit a copy of the paper

Additionaly you can use:

Payment protection insurance?

Payment protection insurance is a totally voluntary collateral of Millennium mortgage. 
The offer of payment protection insurance is available for anyone who:

• is taking out a mortgage loan up to PLN 1,200,000
• achieves income in Poland based on:
• contract of unspecified or specified duration
• managerial contract
• non-agricultural business activity.

We ensure the following benefits:
If you happen to lose work within the lending period and become an unemployed person, the insurance company will pay out an indemnity to you:

• 12 subsequent loan installments or - in the case of  early contract termination - extra monthly benefit of 0.5% loan amount
• collateral real estate exploitation costs (up to PLN 500).

NOTE! The indeminity may be paid out to you more than once within the insurance period.

• attractive insurance premium is 1% of loan amount per 2 years - the premium is paid in advance or may be included in loan amount and financed by the Bank (as long as loan amount does not exceed available LTV limit).

NOTE! If more than one person apply for a loan, all Borrowers will be covered with the insurance, paying one premium dependent on loan amount and taking advantage of indemnity proportionally to the income achieved.

• simple and friendly access procedure - based on declaration