This is a loan protection product, a subset of Credit Life, caters specifically to mortgage loans. The Policy provides cover to a Financier for the amount of loan outstanding from year to year.
The life assurance benefit payable is equal to the outstanding loan balance of the mortgagee. If death occurs before repayment of the full loan the policy pays the amount outstanding to the Financier.
- Critical Illness benefit: A portion of the main cover benefit is payable on first diagnosis of defined critical illness during the duration of a cover.
- Permanent Total Disability benefit: The main cover benefit is payable upon provision of medical evidence of a permanent total disability during the duration of a cover.
- Funeral Expense benefit: A pre-selected lump sum is payable on death and upon notification and provision of a burial permit.
- Retrenchment benefit: in the event of retrenchment, a member’s instalment payments are payable for an agreed period.
Upon appointment the following data is required:
- Member Data, i.e. Member Name, Date of Birth, Annual Salary
- A group master proposal form shall be provided to be completed by the organization
- An individual member proposal form shall be provided to be completed by individual member Requirements for claim settlement
- Death Claims
- Completed claim form Death Certificate
- Copy of ID of the deceased or ID surrender form
- Police abstract or post-mortem report for sudden and accidental death only
- Funeral Expense Claims
- Written notification by authorized officer of the organization
- Burial Permit
- Disability & Critical Illness Claims
- Completed claim form
- Doctor’s reported