At Crédit Mutuel1, France’s third largest retail bank, we want to give our members and customers access to home ownership without any discrimination based on their health.
In this context, drawing on its values of solidarity and mutuality, Crédit Mutuel1 is introducing a new exclusive approach of simply removing medical formalities for loyal customers when they are buying their main residence.
In concrete terms, this entails three decisions:
- From today, our loyal customers will no longer be required to complete the health questionnaire as part of the process to acquire their main residence;
- This means they will no longer have to fulfill any medical formalities;
- And they will no longer be subject to additional premiums or exclusions related to their health status.
This applies based on the following conditions:
- It is reserved for customers whose main income has been credited directly to Crédit Mutuel for seven years;
- An insured amount of up to €00,000 per creditor;
- The policyholder is under 62 when taking out the policy.
For our customers who already hold creditor insurance with Crédit Mutuel (and meet these conditions) and who pay an additional premium or are subject to an exclusion, the latter will be discontinued from December 1, 2021.
As a mutual bank, we want to take action to help create a fairer and more united society. We favor a universal banking and insurance model of shared risks and which offers broad protection against illness, disability and death.
This initiative by Crédit Mutuel follows on from the French Loi Evin which prohibits discrimination against sick persons in supplementary health insurance and the Gender Directive which bans different pricing for women and men.
This universal, protective model contrasts with the discriminatory approach that is all too often reported:
- On the pretext of increased competition, the ability to cancel creditor insurance on the spot will in reality give rise to excessive medical selection and heightened inequality in terms of access to credit and insurance. Young well-off customers will benefit from cut price insurance offers while those who are less privileged, older or not in excellent health will see their rates escalate and/or will be denied the possibility of purchasing a home. They will be doubly penalized through illness and exclusion.
- We want to see a debate around the banning of all forms of discrimination based on health status when it comes to home buying and creditor insurance.
Crédit Mutuel is taking action without delay. From today, for all loyal customers.
"Let's not forget one of the lessons learned from the health crisis: equality in relation to health status and access by all to home ownership is a reflection of a united society. But it seems to have been quickly forgotten since, under the pretext of competition, initiatives are reappearing that de-mutualize risks and exclude potential customers because of their age, financial position and health status", says Nicolas Théry, Chairman of Crédit Mutuel.
"Thanks to the action taken by Assurances du Crédit Mutuel, one of France's leading insurance companies, we are strengthening our mutualist commitment for a fairer and more inclusive society in which health status or profession do not pose an obstacle to becoming a home owner. From today, we are offering insurance on the home loans of loyal customers for their main residence without any need for them to complete medical formalities", adds Daniel Baal, Chef Executive Officer of Crédit Mutuel Alliance Fédérale.