MNS Risk and Insurance Brokers partners with credible underwriters to tailor make a loan insurance policies that suits various needs and financial capacity.
Credit life/ Mortgage insurance or Loan Guard are types of loan policies taken on the life of a borrower. It is designed to repay the balance of a loan in the event the borrower dies or becomes incapacitated due to illness or accident before the loan is fully repaid. The policy is issued on various types of loans from any registered financial institution such as mortgage, personal loans, credit card balances, motor vehicle loans, salary advances, business loans, key man e.t.c. Group plans are offered through a single master policy issued to the group administrator whereas individual plans are arranged directly with the borrower.
How does Group Credit Life/Mortgage Protection work?
The policy runs for the same length of time as the loan. Can either be taken out on a single life or group life In the event of death, the insurance company pays the policy benefit directly to the lender to pay off the loan.