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Credit Life Insurance

Your immediate family’s ability to pay its debts would be affected if you passed away. In such cases, a Consumer Credit Life Insurance policy can be useful to settle the loan debt that we incur with some frequency to obtain those articles we need in our daily life.


Our ability to pay debts would be affected if we suffer a disability, lose our jobs or lose our life.


What protection does it provide?


1- The Consumer Credit Life policy provides for payment of the balance secured in case of the death of the debtor.


What is the maximum coverage?


1- It provides payment of the amount owed and covers up to $ 50,000 . You may insure larger amounts in accordance with the company’s Risk Selection Rules.


Additional Coverage:


a. Optional Benefits due to Credit Disability and Credit Involuntary Unemployment


Definition:


Credit Disability Insurance:


When the policyholder is incapacitated by illness or accident, we will pay the lender the monthly loan payment up to the maximum stated in the policy.


Coverage terms:

  1. a. Age Eligibility : 18-60 years
  2. b. Maximum Coverage Term : 84 months
  3. c. Maximum monthly benefit : $ 500.00

Important: preexisting conditions - these are defined as conditions that appear or required medical treatment during the past six (6) months prior to the date of application and resulting in loss during the six (6) months from the date of effectiveness of the policy.


b. Involuntary Unemployment Insurance Credit


Coverage eligibility:

  1. - Be working for wages at least 30 hours per week for 12 months following the effective date of the Certificate
  2. - Having an agreement with the creditor that is legally enforceable.
  3. - Be actively employed 90 days before the effective date of the policy, subject to the payment of wages or benefits

Coverage:

  1. - It will pay the lender the monthly benefit subject to the terms described
  2. - Having an agreement that can be enforced legally by the creditor
  3. - Eligibility to receive the benefits of this coverage:
    1. - Having been involuntarily unemployed for 30 consecutive days for any reason described in the certificate
    2. - Be registered for work in a State Employment Agency or an Employment Agency, if the loss occurred by firing or employer termination. Benefits will be paid no earlier than 15 days after the date of registration.
    3. - Provide proof if the unemployment was the result of a general strike, union labor dispute or the closing of the employment source.
    4. - Continue unemployed and not receiving compensation for work performed during any period of 31 days eligible for payment of benefits




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