Specialised policy that will cover your outstanding debts in the unfortunate event of your passing. This type of insurance ensures that your debts will not become a burden to your family, as it pays off the remaining balance on loans such as auto loans or personal loans.
A single premium rate schedule is used to calculate rates; rates vary based on the age of the customer and loan term.
An enrollment form is completed at the loan application stage. A Certificate of Insurance is returned to the customer as proof of coverage.
All loan applicants 18-64 years are eligible.
Maximum insurable limit is J$ 70 million
Coverage terminates upon full repayment of a loan or settlement of a claim.
JN Life’s Single 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.
This policy utilises a specified coverage amount option, which serves as a baseline for offering coverages that match the loan amount.
The minimum coverage without the No Evidence Limit (NEL) is J$ 12 million. The maximum issue limit is J$ 70 million. Medical Underwriting is required beyond the NEL.
Borrowers and guarantors between the ages of 18-64 years are able to enrol for this policy.
A critical illness rider is available as an addition to this policy.
The following critical illnesses are covered under this policy: Heart Attack, Cancer, Paralysis, Stroke, Kidney Failure, Coma, Major Burns, Blindness, Loss of Speech & Deafness.
Billing options for this policy includes ACH, RTGS & Cheque
Permanent Total Disability Benefit: With the provision of written evidence of total permanent disability, JN Life will issue 100% of the outstanding balance.
Coverage: The policy covers more than one life on a loan
Surrender: A percentage of the monthly premium is returned when the loan amount is closed out before the intended date of final payment.
Certificates: Upon approval certificates of insurance will be issued for the lives covered.
Premiums for this policy are due and payable monthly.
We provide peace of mind while ensuring that your loved ones are protected from the consequences of life’s unexpected turns. Let us guide you along your journey to finding the perfect coverage, because here, your life is valued.
Be at ease knowing that we’ve got you covered. Invest in peace of mind today and protect what matters most.
Secure your family’s future with one of our products tailored to meet your unique needs. Our policies ensure that your loved ones are cared for even in your absence.
Secure your team members’ futures with our group life insurance policy. Provide coverage for your employees in the event of an unforeseen circumstance.
Retire in confidence, knowing that you’ve built a robust financial foundation for your golden years. Start planning today for a brighter tomorrow.
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