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Mortgage Protection

 

This is similar to a decreasing term product. The life cover benefit provided is priced to match the outstanding balance on the mortgage and subject to annual renewable.

This policy does not pay for default on mortgage payments.

This product is a decreasing term life assurance policy. It is design to provide protection for individuals who are seeking to buy homes using mortgage. The policy has a life cover benefit which is priced to match the outstanding balance on the mortgage and subject to annual renewable. In case of death of a breadwinner of a family, the benefit will pay for the remaining balance on the mortgage to the financial institution. However, this policy does not pay for default on mortgage payments.

PREMIUMS

Premium rates are determined based on the age and remaining balance on the mortgage every year. Once the monthly mortgage is made, the decreasing loan balance will attract a lower premium with a slightly upward age adjustment.

The cost of providing such coverage under this policy depends on the age and mortgage amount.

The commencement and continuation of the assurance shall be conditional upon the payment of the premiums described in the table above, for which the company has accepted payment.

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