Payment Protection

Payment Protection is an optional creditor insurance product that covers the borrower for Life, Accidental Disability, and Involuntary Unemployment. Borrowers between the ages of 18 and 64 are eligible. Applicants aged 65 to 70 can apply for Loan Life Insurance only.

Unlike ordinary life insurance, the life portion of this protection goes directly towards paying off your loan. So you don't have to worry about a co-borrower or guarantor having to shoulder the burden of your debt after you pass away.

Regular disability insurance usually replaces only a portion of your income. And once you've covered your basic monthly expenses - rent or mortgage, food, clothing and medicine - there may not be enough left to pay your bills. Should you become disabled due to an Accident, the Financeit Payment Protection will make your monthly loan payment for you for 6 months, or until you go back to work.

Payment protection covers all loan payments for the duration of the term of the loan in case of death, involuntary unemployment or disability.

 

Coverage

Description of Coverage

Benefit

Life

Client passes away

100% payment of outstanding balance

Accidental Disability

When you are unable to work due to an Accident for 30 days or longer

Payments will be made for 6 months, or until you go back to work or the loan is paid off

Involuntary Unemployment

Where you become involuntarily unemployed for a period of 30 days or longer

Payments will be made for 6 months, or until you go back to work or the loan is paid off

The protection is administered by IWS Creditor Group and underwritten by Western Life Assurance. To make a claim simply contact Western Life Assurance.

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