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Credit Insurance Protection

Is insurance part of your financial plan? It should be

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Credit Protection Insurance is the difference between having to pay for losses from your own pocket, and having your financial security protected.

 

What is Credit Protection Insurance ?

If you have a credit card, overdraft facility, mortgage or any other loan, Credit Protection Insurance is a good plan for you. It is designed to cover any existing indebtedness in full in event of death, critical illness or serious injury resulting from an accident. This means you or your next of kin can eliminate or manage your debts more easily during a physically and emotionally demanding time. It also ensures that you, your family or guarantors need not worry about the burden of debt in the midst of difficulty.

 

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Life Coverage

  • 100% coverage on mortgages up to US$400,000 for up to 30 years (35 years can be negotiated)
  • 100% coverage on consumer loans up to US$100,000, for up to 7 years
  • 100% coverage on credit card and overdraft balances up to US$50,000
  • Persons eligible for coverage between ages 18 to 65.  Insurance Coverage terminates at age 70 in keeping with credit terms
  • No medical requirements for coverage applying to loans/mortgages up to US$100,000
  • No medical requirements for credit cards or overdraft facilities
  • Coverage for up to three co-borrowers
  • Life rate is guaranteed for the life of the loan unless the loan is delinquent or renegotiated
Accidental dismemberment

  • Covers loss in the event of bodily injury sustained through external, violent and accidental means
  • Coverage of 25% - 100% of the benefit depending on the loss
  • 100% is paid for the loss of both hands or both feet or loss of sight in both eyes
  • 50% is paid for the loss of one hand or one foot or loss of sight in one eye
  • 25% is paid for the loss of thumb and finger on the same hand
  • Loss of use must be permanent, total, irrevocable and continuous for a period of 12 months from the date of the accident
  • Persons ages 18-65 eligible for coverage - cover ends at age 70
  • Coverage automatically included with Credit Card and Overdraft between ages 18-70.  Coverage terminates at age 70
Total permanent disability

  • (Occupational) – Total Permanent Disability means either total paralysis or total and irretrievable loss of vision in both eyes, or loss of use of either:

  •  both hands above the wrist; or
  •  both feet above the ankle; or
  •  a hand above the wrist and a foot above the ankle; which results in the complete and permanent impediment of the Insured’s ability to perform any  paid work for which the he or she is reasonably qualified by training or experience and which has continued uninterrupted for a minimum period of one hundred and eighty (180) days
  • Pays the outstanding balance (including interest) as of the date of diagnosis up to a maximum of US$400,000 for Retail Mortgages, up to US$250,000 for Business Banking Mortgages and Term Loans, and up to US$100,000 for consumer loans including personal and auto
  • Persons ages 18-60 eligible for coverage - cover ends at age 65
Critical illness

  • Means a life-threatening condition listed in the Policy as summarised below:
  • Cancer, Infarctus of the Myocardium ,Coronary Artery Bypass Surgery, Multiple Sclerosis, Organ Transplant, Renal Failure, Stroke.
  • A claim for a Critical Illness shall be payable only once under this Policy, if diagnosis of the Critical illness occurs at least 3 months after the Effective Date or Date of Loan Disbursement.
  • 100% coverage on mortgages and consumer loans up to US$75,000
  • Coverage automatically included with credit card and overdraft facility
  • Persons ages 18-59 eligible for coverage - cover ends at age 60

Credit Card Security Insurance

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