Single Premium Creditor Life Insurance
Settlement is made to the lending institution for the repayment of outstanding principals in the event of death or permanent disability of the borrower.
Features
- Debt is repaid directly to the lending institution in the event of death or permanent disability.
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.
Eligibility
All loan applicants 18-64 years are eligible.
Enrolment
An enrollment form is completed at the loan application stage. A Certificate of Insurance is returned to the customer as proof of coverage.
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.
