Update on Spaargroeihypotheek and Meegroeihypotheek mortgage products

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On Monday 15 April, ABN AMRO’s mortgage products Spaargroeihypotheek and Meegroeihypotheek and the linked life insurance policies were featured on Dutch TV, in consumer watchdog programme Radar. A number of clients approached Radar because the amount of the death benefit paid under their product’s life insurance component turned out to be lower than they had expected. Do you have questions about your own situation? This article provides further information.

Which products are involved?

ABN AMRO’s Spaargroeihypotheek and Meegroeihypotheek are both linked to a life insurance policy. ABN AMRO marketed these products between 1996 and 2010 via ABN AMRO advisors and independent intermediaries.

Traditionally, savings-based mortgages came with a (usually compulsory) life insurance component. However, full life insurance cover was not in the best interest of every client, nor did every client want to pay the higher insurance premium for this cover. Some clients, for example, were single, and some already had other insurance cover or sufficient savings. Our Spaargroeihypotheek and Meegroeihypotheek products gave these clients the option to adjust the life insurance cover to their own needs. They could choose a high benefit for a higher premium, or, if they preferred to keep their monthly mortgage payments low, a lower benefit in exchange for higher returns (translating into lower premiums).

Do you have questions about your situation?

We realise that clients taking out a mortgage make certain choices based on the situation at that time, but that circumstances can change over the years. Due to such a change in circumstances, you may wish to adjust your product.

More information about the Spaargroeihypotheek or Meegroeihypotheek can be found here (Dutch only). If you have questions about your Spaargroeihypotheek or Meegroeihypotheek you can contact your advisor. You can also call us on 0900-9210*. This number can be reached on weekdays from 8 a.m. to 9 p.m., and on Saturdays from 9 a.m. to 5.30 p.m. 

*You will be charged the standard rate for these calls, as set by your telephone provider.

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