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Explore JN Life Comfort (Family Indemnity Plan)

Mortgage Creditor Life Insurance

Settlement is made to the lending institution for the repayment of mortgage. The coverage is for the outstanding principal.

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
Eligibility

All mortgagors are eligible for coverage subject to underwriting conditions if loans are in excess of J$15 million.

Enrolment

An enrollment form is completed at the mortgage application stage. A Certificate of Insurance is issued as proof of insurance for the mortgage loan.

Calculation of Premium

Premiums are based on a schedule of rates and are payable on a monthly basis.

Payment

Principal balance is paid to lending institutions.

Maximum Insurable Limit

Coverage on mortgage loans is an aggregate of J$70 million at any point in time.

Termination of Insurance Coverage

Insurance coverage is terminated upon the settlement of a death or disability claim or the repayment of a mortgage loan.
Coverage on any life terminates upon attaining age 70.

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