Credit Life insurance provides cover for the outstanding loans granted to Mortgagors and other borrowers of a lending institution.This policy is specifically designed to cover the credit risk of Financial Institutions that could arise from death of the borrower, and it can be extended to cover the risk of disability and loss of job of the borrower.  It repays the outstanding balance of a loan in the event that the debtor dies or becomes permanently disabled before the loan is fully repaid. 

In the event of death/disability, the lending institution will be paid the outstanding amount that is owed by the deceased customer. 

Credit Life cover can be bundled to Personal Loans, Mortgage Loans, Asset Finance schemes, Overdraft facilities, Credit Cards and other loan products Lending Institutions provide to borrowers.The policy assumes that the loan reduces averagely during the loan duration except, otherwise agreed with Metropolitan Life Insurance Nigeria Limited. The premium could be paid on monthly, quarterly, half-yearly or annually.

 

 

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