JN Life’s Bulk Premium Creditor Life
Insurance provides a safeguard against the unforeseen, ensuring the repayment of outstanding loan principals in the tragic event of a borrower’s death or permanent disability.
Overview
Features
- Covers more than one life on a loan
- Certificates of insurance are issued for lives covered
Calculation of Premium
A single premium rate schedule is used to calculate rates; rates vary based on the age of the customer and loan term.
Enrollment
An enrollment form is completed at the loan application stage. A Certificate of Insurance is returned to the customer as proof of coverage
Eligibility
All loan applicants 18-64 years are eligible.
Maximum Insurable Limit
There is no maximum limit on this policy.
Termination of Insurance Coverage
Coverage terminates upon full repayment of a loan or settlement of a claim.
Frequently asked questions
What is Bulk Premium Creditor Life?
JN Life’s Bulk Premium Creditor Life insurance policy is designed to provide insurance to lending institutions for the repayment of outstanding principals in the event of death or permanent disability of the borrower or guarantor.
What are the coverage options for this policy?
This policy utilises a specified coverage amount option, which serves as a baseline for offering coverages that match the loan amount.
What are the available coverage amounts?
Coverages for the Bulk Premium Creditor Life insurance policy can go up to J$ 12 million without the need for medical underwriting. A medical will be required for all amounts exceeding this limit.
What are the issue ages for the policy?
Borrowers and Guarantors between the ages of 18-64 are able to benefit from this plan.
What are the features of the policy?
Critical Illness Rider: This rider provides additional coverage for ten (10) critical illnesses. These are Heart Attack, Cancer, Paralysis, Stroke, Kidney Failure, Coma, Major Burns, Blindness, Loss of Speech, and Deafness.
Guaranteed Issue: Coverages which fall below the Group’s No Evidence Limit (NEL) are covered by JN Life’s guaranteed issue benefit.
Permanent Total Disability Benefit: With the provision of written evidence of total permanent disability, JN Life will issue 100% payout of the outstanding balance of the policy.
What are the billing options for this policy?
Billing options for this policy includes:
ACH, RTGS & Cheque
Will a certificate be issued for this policy?
Yes, once enrolment is completed a certificate will be issued for the policy.
Can this policy issue coverage for multiple lives?
Yes, this policy allows for the coverage of more than one life on a loan.
What are the premium modes for this policy?
Premiums for this policy are due and payable monthly.
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26 Trafalgar Road, Kingston 10
