Mortgage Protection Plan
Our Mortgage protection plan is designed to secure mortgage loan holders against the financial risk of death before repayment of amount owed.
- The product is designed to secure Mortgage loan holders against the financial risk of death/critical illness before repayment of amount owed.
- Loan covered by this contract is long term mortgage loans with minimum term of 5 years and Maximum term of 30 years.
- The policy duration will be equal to the term of the loan taken subject to a minimum of 5 years. The maximum age at entry will be 60 years.
- The Sum Assured under the contract is the original loan amount taken from the mortgage institution.
- There will be no medical examinations for Sums Assured below N5, 000,000.00.
- Only single and annual premium payment is allowed under the contract.
- In the event of the death/critical illness of the loan holder within the policy term, and before completing the loan repayment the loan outstanding (at the date of death/critical illness) becomes payable to the mortgage institution thereby restricting the financial institution from assets repossession / sales.
- The policyholder will have the option of adding Loss of Job Benefit.
- The product does not attract any surrender/lapse/maturity benefit.
- The minimum age at entry is 20 years while the maximum entry age is 60 years.
- The maximum age at maturity is 65 years.
- The mortgage institution is the first loss payee.
- It serves the purpose of protecting policyholders’ dependents from the financial consequences of the inability to repay the loan outstanding as a result of the death/critical illness of their breadwinner.
- It protects the dependents from the anger of mortgage institution in case of default thereby restricting the financial institution from assets repossession / sales.
- It gives peace of mind to the life assured.