Mortgage Protection Insurance

Group Mortgage Protection Insurance Policy

The Mortgage Protection Insurance Policy is an insurance cover that pays your mortgaged debt in an event of the death or total permanent disability of the borrower. The customers have options to have single, double, triple and quadrille covers depending on the number of customers and the annual salary.

This cover is optional for customers earning more than $16,500 annually, however, it is compulsory for customers earning below $16,500 annually.

Scope of Cover

Insured Persons:

The individual who has been advanced a loan by Housing Authority. The outstanding balance as at the beginning of each and every month and declared to the Insurance Company.

Agreed Benefit

  • In the event of single debtors, the agreed benefit is paid in full.
  • In the event of unspecified cover, proportionate benefits are paid.
  • In the event of a specified cover, on death or total permanent. disability of the named customer(s), agreed benefit is paid in full.

Extent of Cover

Payment of the agreed benefit up to a maximum of $250,000 if theeligible

  • Dies by accident or natural causes or
  • Suffers from total permanent disability

However, for all loans in excess of $100,000, the Insured

Person will require a full medical examination by a medical practitioner

Age Coverage

No claims are payable for events defined under extent of cover after the Insured Person has reached the age of 65 years. In addition no claims are payable on loans obtained after the Insured persons have attained the age of 60 years.

Definition of Total Permanent Disability:

Having suffered a disability through injury or illness which has prevented the debtor from engaging in his/her normal occupation for a continuous period of six (6) months and which in the opinion of the Insurance Company after consideration of medical evidence has rendered him/her incapable of ever again attending to his/her normal occupation or to any occupation for which he/she is reasonably fitted by knowledge, training or experience or having suffered the loss of two limbs or the sight of both eyes or the loss of one limb and the sight of one eye (where limb is defined as the whole hand or the whole foot).

Loan Repayment

The coverage offered under the policy ceases immediately the Insured Person repays the total loan balance.

Claim Requirement

Notice of any claim must be given to Insurers as soon as possible but in any event within 30 days of the happening of the event on which the agreed benefit will become payable.

Death Claim

  1. Original Death Certificate.
  2. Original Birth Certificate.
  3. And/or Statutory Declaration as and when required.

Total Permanent Disability Claims

  1. Original Medical Report from a specialist physician confirming.
  2. Uplift and have the three (3) set of total permanent disability claim forms completed by Customer,
    Medical Attendant & Employer respectively.

Exclusions

No claims are payable under the Policy if the entitlement to the claim resulted directly or indirectly from:

  • Suicide within 12 months from the date of inception of loan;
  • Self-inflicted injuries other than suicide;
  • Service in armed forces or while under orders for warlike operations;
  • Riot and civil commotion, strikes or terrorist activities. This exclusion does not apply to Armed
    and Police Forces.
  • Violation or attempted violation of the law of resistance to arrest;
  • Acquired Immune-Deficiency Syndrome (AIDS) or infection by a Human Immune-Deficiency Virus (HIV);
  • Any sickness or injury for which the Insured Member sought advice or treatment during the 12 months prior to the date of commencement of the loan contract or the date of any increase in the amount of loan under an existing loan contract, or the date of the addition of the Insured Member as a new Borrower in respect of an existing loan contract and which required treatment within the 12 months after the relevant date;
  • No death and/or total permanent disability benefit will be payable for a condition for which the Insured Member could have claimed at his entry date.