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.

Product Feature

  • 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.

Benefits

  • 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.