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FBNInsurance sensitizes retirees on annuity                                                                                                                                                                                                                   FBNInsurance wins Insurance Company of the Year Award. …Val Ojumah is Insurance Man of the Year                                                                                                                                                                                                                                                                                                                                                                                                                                      FBN General Insurance appoints Opadokun as Managing Director.                                                                                                                                                                                                                   FBNInsurance sponsors free Breast and Cervical screening for women.                                                                                                                                                                                                                   FBNInsurance Rewards Outstanding Financial Advisors With Brand New Hyundai Accent                                                                                                                                                                                                                   FBNInsurance widens her retail network with four new offices                                                                                                                                                                                                                   RIMSON inducts Ojumah as Fellow                                                                                                                                                                                                                   FBNInsurance holds 5th Annual General Meeting, declares 19k per share dividend                                                                                                                                                                                                                   FBNInsurance Deploys 3i Infotech’s End to End Premia Suite                                                                                                                                                                                                                   FBNInsurance Launches Experiential Auto Insurance Campaign                                                                                                                                                                                                                   FBNInsurance's Profit Grows On Strong Premium Income                                                                                                                                                                                                                   FBNInsurance gets ‘A+’ (Agusto) rating …up from ‘A‘ in 2015.                                                                                                                                                                                                                   FBNInsurance Wins Global Accolade Yet Again.                                                                                                                                                                                                                   NAIPCO gets N14.5m FBNInsurance Group Family Shield cover                                                                                                                                                                                                                   FBNInsurance Group donates to Down Syndrome Foundation                                                                                                                                                                                                                   FBNInsurance commits to improved service delivery                                                                                                                                                                                                                  

 

Overview

Credit Life Assurance is a policy designed to pay off a borrower's debt if that borrower dies, permanently disabled or loses his job. The amount of the policy decreases proportionately with an outstanding loan amount as the loan is paid off over time.

Credit Life Assurance pays the lender of your loans at a time when you cannot pay due to disability, illness, getting laid off work or death.

 

What it covers:

  • Death
  • Permanent Disability
  • Critical Illness of the policyholder
  • Loss of job


Benefits to the Lender:

  • Credit Life Assurance will reduce the non-performing loan ratio arising from death of beneficiaries or accidental damage to the assets.
  • The fund will be protected from the cumbersome process of loan recovery arising from death or disability.
  • It will allow the lender to take reasonable and moderate risk while increasing lending portfolios for beneficiaries.

Benefits to the Beneficiaries:
  • Achieves a seamless process as premium and cover is standard across all beneficiaries.
  • It will protect the family of the borrower from loss of assets or burden of debt as a result of the death or permanent disability of the beneficiaries.
  • It gives the beneficiaries peace of mind.
 

 

 

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