Mortgage Creditor Life Insurance
Designed to pay off your mortgage in the event of your death, ensuring that your family can remain in their home without the burden of monthly mortgage payments.
Overview
Features
- Repayment of mortgage loans in the event of death or permanent disability of an insured mortgagor
- Coverage of up to three lives on any mortgage loan
Calculation of Premium
Premiums are based on a schedule of rates and are payable on a monthly basis.
Enrollment
An enrollment form is completed at the mortgage application stage. A Certificate of Insurance is issued as proof of insurance for the mortgage loan.
Eligibility
All mortgagors are eligible for coverage subject to underwriting conditions if loans are in excess of J$15 million.
Maximum Insurable Limit
Coverage on mortgage loans is an aggregate of J$70 million at any point in time.
Payment
Principal balance is paid to lending institutions.
Frequently asked questions
What is Mortgage Creditor Life Insurance?
JN Life’s Mortgage Creditor Life Insurance policy is designed to provide insurance to lending institutions for the repayment of outstanding principals on a mortgage loan in the event of death or permanent disability of a Borrower.
What are the coverage options?
This policy utilises a specified coverage amount option, which serves as a baseline for offering coverages that match the loan amount.
What is the issue age for this policy?
Borrowers between the ages of 18-64 years are able to enrol for this policy.
What are the minimum and maximum coverage amounts?
The minimum coverage without the No Evidence Limit (NEL) is J$ 15 million. The maximum issue limit is J$ 70 million. Medical Underwriting is required beyond the NEL.
Who will be beneficiary on this policy?
The beneficiary on this policy will be the lending institution from which the loan was procured.
What are the features of this plan?
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 up to three (3) lives on the loan
Will Certificates be issued for this policy?
Upon approval certificates of insurance will be issued for the lives covered.
What are the premium modes for this policy?
Premiums for this policy are due and payable monthly.
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