Loan Protector Plan

Your Loan Protector Plan is a simple and inexpensive form of life assurance. It is specially designed to repay the outstanding capital amount of a house loan or other type of loan in the event of death of the life assured or income earner.

Why do you need it?

Your loss or a loss in your family will be very painful. The financial situation that your family may find itself in after the loss of the breadwinner could be difficult. A Loan Protector Plan will protect your family by paying cash.

 The Loan Protector Plan is the perfect solution if you are thinking of taking out a long term loan.
You will wish to make sure that in the event of your death, your family or heirs will not be left with an outstanding debt.

Taking out such a plan will ensure your peace of mind and your family's future well being.

In many cases, banks or other institutions from whom you may be taking out a loan will insist on a form of life protection, to safeguard your interest.

When you need it most

• You could be taking out a loan to buy your family home and you want to make sure that if you pass away, the loan will be paid out in full through your Loan Protector Plan.
• You could be taking out a loan to start a business or expand your existing business and you want to ensure that if you die the loan will be paid out in full. The full value of your business will then pass to your family or dependants without any debt.
• You could be taking out any other kind of long term loan such as a loan to improve your family home, or even a loan to fund your children's education.

Your plan may be written on a joint life basis with up to two lives. Full benefits will be payable on the death of the first claim and the plan will end.

The Loan Protector Plan has the objective to pay the outstanding amount owed on the loan should the life assured pass away during the term of the policy. Of course, if the policy holder does not repay his loan according to the schedule agreed with the bank, then the amount covered will not be enough to repay the outstanding loan.

How much will it cost?

When you consider the benefits of the plan, this is a cost effective form of life assurance, paying out the lump sum to your dependants, heirs or beneficiatries if you pass away during the term of the cover you choose.

• You can choose the amount that will be paid to your family, heirs or beneficiatries if you pass away. Our Financial Planning Officers / Managers will identify your present needs and circumstances and help you decide the right amount of cover.
  
• You can choose the length of time for which you need cover but the minimum term is 5 years.
  
• Inexpensive cover, ideal for young families when financial commitments tend to be highest.
  

Premiums for the Loan Protector Plan may be paid monthly, quarterly half-yearly or yearly.

How can we help you?

We pride ourselves in giving our clients exceptional service. Our mission is to serve our clients and provide them with a partnership through life that they can always rely on. Our Financial Planning Officers / Managers are trained to provide a comprehensive financial services review and to ensure that you receive sound and practical advice. This will guarantee a friendly and professional service that will ensure a long term business relationship.

How can I find out more?

The decision to take out life insurance is an important one.

For more information please call Customer Service on 2380 2380, or visit your nearest branch and discuss your personal needs with one of our Financial Planning Officers / Managers .