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
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.
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.
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.
