- This special plan caters to all lending institutions. It protects lending businesses by assuming payment of the deceased debtor’s loan.
- The Creditor insures its borrowers for an amount equal to the loan granted to them. In the event of the debtor’s untimely death during the term of his loan and covered by the insurance contract under this plan, it will become the obligation of COUNTRY BANKERS LIFE to pay the 100% amount of loan to the Lending Institution.
- UNDIMINISHED COVERAGE AMOUNT – should the borrower settle a percentage of the loan, the actual loan balance shall go to the bank, and the remaining amount of the coverage shall be given to the designated beneficiary of the borrower.
EFFECTIVITY DATE AND TERM OF COVERAGE starts on date the loan is granted or the date the proceeds of the loan are released whichever is later. The insurance coverage will be co-terminus with the term of the loan.