What would happen to your home if you passed away? Would it have to be sold? Would your family have to move? Credit Life Protection for Residential Mortgages, not only safeguards your mortgage debt, but also protects your family from having to change the way they live at a time when they need comfort and stability the most.
Give Yourself Peace of Mind
Give yourself and your family the financial comfort and peace of mind of being Mortgage free should you pass away. With Credit Life Protection for Residential Mortgages, the principal and interest remaining on your Mortgage will be paid off so your loved ones aren’t burdened by mortgage payments after you’re gone. They can maintain the lifestyle and long term financial plans such as retirement and education that you have worked so hard to provide for them.
Premiums are determined by your age and the Mortgage balance on the date you apply. The younger you are, the less you pay. If there’s more than one borrower on your mortgage, purchase joint coverage at a discount and enjoy significant savings. The premium is based on the age of the eldest borrower when joint coverage is taken.
A note from the insurers:
In this section, we have attempted to explain clearly and briefly the coverage available under this plan.
Coverage is subject to specific limitations and exclusions, including age restrictions, as described in the Certificate of Group Credit Life Insurance and the Policy, which you will receive upon purchase.
Please refer to the Certificate of Group Credit Life Insurance for details.
Insurance is underwritten by Demerara Mutual Life Assurance Society Limited.
Premiums based on your age, coverage choices, and balance on the date of application
The younger you are, the less you pay
Discounted premium rates if both you and your co-borrower choose Life coverage