FWD Life Insurance Corporation 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 tokeep 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: 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.
“FWD’s Group Credit Life Insurance provides financial peace of mind to both financial institutions and borrowers. If a borrower unexpectedly dies, is diagnosed with a critical illness, or becomes permanently disabled, there can be no way for them to repay their outstanding loans,” FWD Philippines President and Chief Executive Officer Li Hao Zhuang said.
“With this newest FWD Corporate Care solution, we do the job for them so that no matter what happens, neither the borrower nor their surviving family members have to worry about loan repayments.”
“When it comes to mortgages, credit cards, and personal loans, it is always better to stay protected. For financial institutions, this means reliable insurance that not only protects loans and boost businesses, but empowers their customers to live life with confidence knowing that their loan is covered against the unexpected,” Li Hao added.
The product 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 P5,000. GCLI provides loan repayment coverage for borrowers up to 75 years old.
FWD launched its commercial operations in September 2014. As of end-2019, its fifth full year of operations, FWD continues to outpace life insurance industry growth as a Top 8 insurer, based on New Business Annual Premium Equivalent.
FWD Life also remains as one of the Top 3 insurers in terms of Paid-Up Capital.