Protect your assets by getting a mortgage protection policy to help your family make mortgage payments if you – the policyholder and mortgage borrower – die before your mortgage is fully paid off.
What is the Mortgage Protection policy?
This is a type of life insurance policy that is designed for financial institutions to provide security against a mortgage loan and effectively pays off the loan in the event of the borrower’s untimely disability or death.
Our Mortgage Protection policy will also offer coverage for a limited time if you lose your job or become disabled after an accident.
To get Mortgage Protection policy cover, click GET STARTED.
Who can apply for a Mortgage Protection Policy?
The policy is issued
Lending institutions include:
- Microfinance Institutions,
- SACCOS and/or any registered Group lending to its members (Registered groups can be Employers, Registered Self-Help Groups, Hire Purchase Organizations, Micro-Lenders, etc.)
the policy is issued in the name of the Financier, but the cover is based on the loanee/member taking up the loan
the members are covered for the risks of Death and Permanent & Total Disability. Additional Benefits such as Critical Illness and Retrenchment Benefits can be included in the policy at an extra cost
Eligible members who are 18 – 65 Years of age
Clients can pay a Single Premium at beginning of cover to insure them for the full loan term, or pay Annual premiums based on Reducing the balance of the loan as at policy anniversary