Single Premium Credit Life Insurance
Why does one need Credit Life Insurance?
Upon loan taker’s Death or Total Permanent Disability before full repayment of the loan, his/her dependents are protected from taking up liabilities that they were not a party to and/or privy to and from the loss of the mortgaged property.
Who is the beneficiary in Single Premium Credit life insurance?
Lenders (Bank or Microfinance or Financial Institution)
What should be the Sum Insured and Coverage Period?
The Sum Insured and Coverage Period will be loan amount and loan term.
Describe benefits of single premium credit life insurance?
- Death
- Total Permanent Disability
- Surrender Value (upon full loan repayment by the borrow before the end of loan term)
- Tax Deductible
Is medical examination required?
Yes.