FWD Life Insurance Corporation (FWD Philippines), has introduced Group Credit Life Insurance (GCLI), offering small financial institutions protection from unpaid loans due to loss of life, critical illness, or total and permanent disability of its borrowers.
Small lending institutions like thrift and rural banks, credit and loan facilities, and other financial institutions with at least 20 borrowers are able to make use of GCLI, which has been designed to keep their business secure by providing loan and credit protection. The small lending institution is assured of loan repayment in the event the borrower passes away, becomes totally and permanently disabled, or is diagnosed with any of the five covered critical illnesses (CI): cancer, stroke, renal or kidney failure, coronary artery bypass grafting, and heart attack.
At the same time, borrowers gain financial ease with a credit life insurance that protects their assets from being used to cover unpaid loans, freeing their loved ones from financial worries that could be left behind.
The new product FWD Philippines covers a wide range of loans—including business and car loans, mortgages, monthly credit card payments, and personal credit from a lending institution. Application requires a minimum loan coverage amount of PhP5,000. GCLI provides loan repayment coverage for borrowers up to 75 years old.
GCLI is now available through FWD Life’s Financial Wealth Planners or the company’s dedicated Corporate Care sales team. Interested customers can call the 24/7 FWD Customer Connect Hotline at (02) 8888-8388 or chat with a Customer Connect Executive via FWD’s 24/7 Live Chat (www.fwd.com.ph).
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