Data as of November 8, 2026. Credit life insurance (seguro de desgravamen) pays off a loan's outstanding balance if the borrower dies (and, depending on the policy, becomes disabled). It is cheap on a mortgage and expensive on some consumer loans. On a CLP 3,000,000 consumer loan over 36 installments, adding the insurance raises the total cost by between CLP 90,288 (Capual) and CLP 279,180 (Ahorrocoop), according to the Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026. On a UF 3,000 mortgage over 20 years, the insurance ranges from UF 0.0216 to UF 0.375 a month, according to the CMF, Mortgage Loan Simulator, checked on November 7, 2026.
View the data as a table
| Lowest cost, consumer loan (Capual) | $90,288 |
| Highest cost, consumer loan (Ahorrocoop) | $279,180 |
| Mortgage, highest (Banco Falabella) | $15,482 |
| Lenders compared (consumer) | 14 |
What credit life insurance is and what it covers
It is life insurance tied to a loan: if the borrower dies, the insurer pays the bank the loan's outstanding balance and the family does not inherit the debt. Some policies add total and permanent disability cover. It differs from traditional life insurance in who receives the money: with credit life the beneficiary is the lender and the covered amount falls as the loan is repaid; with life insurance, the payout goes to the beneficiaries the insured chooses.
| Consumer loan | Mortgage | |
|---|---|---|
| Is it mandatory? | No: it is voluntary and can be declined | The lender requires it to protect repayment |
| Who picks the insurer? | The customer can buy it anywhere | The bank tenders it collectively; the borrower may buy an individual policy |
| How is it charged? | Single or monthly premium built into the payment | Monthly premium in UF included in the payment |
| How much does it weigh on the CAE? | From 0 to almost 5 points | Tenths of a point |
Sources: Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026; CMF, Mortgage Loan Simulator, checked on November 7, 2026; CMF, rule on mortgage-related insurance (NCG 469, April 2022).
What credit life insurance costs on a consumer loan
Sernac's comparator lets you simulate the same loan with and without insurance. The gap between the two total costs is what the customer pays for credit life cover. On CLP 3,000,000 over 36 installments, the insurance costs CLP 101,340 at Bice, CLP 122,688 at Santander and CLP 126,575 at Banco de Chile, but rises to CLP 279,180 at Ahorrocoop and CLP 250,488 at Caja Los Héroes: more than 8% of the amount borrowed. At Bci the opposite happens: the simulation with insurance comes out CLP 43,626 cheaper than without, because the bank reports a lower rate when the customer takes the insurance.
| Lender | Payment with insurance | Payment without | CAE with | CAE without | Insurance cost |
|---|---|---|---|---|---|
| Bice | CLP 200,155 | CLP 193,138 | 16.49% | 14.53% | CLP 336,816 |
| Scotiabank | CLP 210,350 | CLP 202,513 | 19.28% | 17.15% | CLP 376,176 |
| Banco Internacional | CLP 217,845 | CLP 210,653 | 21.22% | 19.30% | CLP 345,198 |
| Capual | CLP 222,495 | CLP 215,438 | 20.64% | 20.64% | CLP 338,736 |
| Santander | CLP 224,307 | CLP 215,190 | 22.98% | 20.58% | CLP 437,598 |
| Bci | CLP 229,368 | CLP 231,280 | 24.30% | 24.79% | CLP -91,713 |
| Banco Falabella | CLP 240,986 | CLP 232,972 | 28.16% | 26.24% | CLP 384,672 |
| Banco Consorcio | CLP 243,251 | CLP 231,489 | 27.82% | 24.84% | CLP 564,576 |
| Ahorrocoop | CLP 246,969 | CLP 227,333 | 28.75% | 23.77% | CLP 942,528 |
| BancoEstado | CLP 251,897 | CLP 245,497 | 27.21% | 25.80% | CLP 307,171 |
| Caja 18 de Septiembre | CLP 270,073 | CLP 255,902 | 34.35% | 30.94% | CLP 680,208 |
| Banco de Chile | CLP 287,694 | CLP 278,291 | 34.74% | 32.82% | CLP 451,379 |
Source: Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026. A CLP 7,000,000 loan over 48 installments. Only lenders reporting both simulations; Coopeuch, Oriencoop and Caja Los Andes quote only with insurance. Caja La Araucana is omitted because its reported CAE is not a valid percentage. On a loan of that size, the insurance adds between CLP 307,171 and CLP 942,528 to the total cost.
View the data as a table
| CAE without insurance (%) | CAE with insurance (%) | |
|---|---|---|
| Bice | 15% | 16% |
| Scotiabank | 17% | 19% |
| Banco Internacional | 19% | 21% |
| Capual | 21% | 21% |
| Santander | 21% | 23% |
| Bci | 25% | 24% |
| Banco Falabella | 26% | 28% |
| Banco Consorcio | 25% | 28% |
| Ahorrocoop | 24% | 29% |
| BancoEstado | 26% | 27% |
| Caja 18 de Septiembre | 31% | 34% |
| Banco de Chile | 33% | 35% |
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See advertising optionsCredit life insurance on mortgages, by bank
On mortgages, the bank buys credit life cover for its whole portfolio through a public tender regulated by the CMF, and the premium is charged in UF within the monthly payment. That is why it is much cheaper relative to the amount. In the CMF simulator, for UF 3,000 over 20 years, it ranges from UF 0.0216 a month at Bci to UF 0.375 at Banco Falabella, about CLP 15,482 a month at the November 7, 2026 UF. The CMF notes that borrowers may buy an individual policy from another insurer if it meets the required coverage, which can lower the CAE by several tenths, as we show in best mortgage loans 2026.
| Bank | Monthly premium | In CLP | Data updated |
|---|---|---|---|
| Bci | UF 0.0216 | CLP 892 | 11/05/2026 |
| Bice | UF 0.1050 | CLP 4,335 | 10/28/2025 |
| Coopeuch | UF 0.1470 | CLP 6,069 | 11/03/2026 |
| Itaú | UF 0.1639 | CLP 6,767 | 10/09/2026 |
| Scotiabank | UF 0.1830 | CLP 7,555 | 10/15/2026 |
| Banco de Chile | UF 0.2340 | CLP 9,661 | 10/30/2026 |
| Banco Internacional | UF 0.3030 | CLP 12,509 | 06/04/2026 |
| BancoEstado | UF 0.3180 | CLP 13,129 | 02/06/2026 |
| Santander | UF 0.3630 | CLP 14,986 | 08/28/2026 |
| Banco Falabella | UF 0.3750 | CLP 15,482 | 12/30/2024 |
Source: CMF, Mortgage Loan Simulator, checked on November 7, 2026. UF 3,000 loan over 20 years, non-endorsable, fixed rate. Peso value at the November 7, 2026 UF of CLP 41,284.83. Bci reports a premium of UF 0.0216, far below the rest; Banco Falabella and Bice have not updated their simulator data since December 2024 and October 2025, respectively.
How to save on credit life insurance
- Always ask for both simulations: with and without insurance, and compare total cost, not just the payment.
- Check existing cover: your own life insurance can help your family repay the debt, though it does not replace credit life when the bank requires it.
- On a mortgage, quote an individual policy: the CMF rule requires the bank to accept it if it meets minimum coverage.
- When prepaying or refinancing: the unused part of a prepaid consumer-loan premium must be refunded; we explain it in debt consolidation.
The insurance shows up in the CAE, which is why that is the number to compare across offers. The effect is the same on a loan to buy a car: we detail it in car loans 2026.
What to do if a borrower with credit life insurance dies
The insurance does not trigger on its own: the family or heirs must notify the bank or insurer and submit the death certificate and any documents the policy requires. While the claim is processed, it is worth asking in writing for collection of installments to be suspended. If the insurer refuses to pay, for example over a pre-existing condition listed as excluded, you can complain to the company and then to the CMF. That is why it pays to keep a copy of the policy or coverage certificate when signing any loan.
Frequently asked questions about credit life insurance
Is credit life insurance mandatory?
On consumer loans it is voluntary. On mortgages the bank requires it, but the borrower may buy it from another insurer through an individual policy.
What is the difference between life insurance and credit life insurance?
Credit life pays the debt to the bank and its cover falls with the balance; life insurance pays a sum to the beneficiaries chosen by the insured.
How much does credit life insurance cost?
On a CLP 3 million consumer loan over 36 installments, between CLP 90,288 and CLP 279,180 depending on the lender (Sernac, Nov 8, 2026). On a UF 3,000 mortgage, between UF 0.0216 and UF 0.375 a month (CMF).
What happens to the insurance if I repay the loan early?
The insurance ends with the debt. If the premium was prepaid, the lender must refund the share for the uncovered period.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
