- Coverage matches the credit Disability Limits
- Lender is the first beneficiary
- Single premium is paid at inception of loan
- Group coverage - same rate is charged to every customer
regardless of age, gender, or occupation
Credit Life - Pays the
insured's covered loan balance in the event of his/her
death. Can be offered to one borrower (single coverage)
or to borrower and co-borrower (joint coverage).
Disability - Pays a portion of the insured's
monthly loan payment. Proceeds are payable as 1/30th
of the monthly payment for each day the insured is disabled.
Payment Protection Plan
- our credit insurance program that includes credit
life and credit disability. There are many reasons why
your borrowers will want to enroll in this program.
- The borrower has a sense knowing that his or her
loan is covered in the event of a sudden accident
or illness or unexpected death.
- The borrower only pays for what he or she needs.
If the loan is paid off early, any unused premium
is credited to the payoff amount.
- Many borrowers are under-insured, but tend to avoid
the task of purchasing more. Since the Payment Protection
Plan is an easy and convenient way to meet a portion
of their insurance needs, many borrowers choose to
Life: Must be within age limit 18-65
Disability: Must be within the age
limit 18-65 and gainfully employed