MORTGAGE ASSURANCE PLAN
One of the basic needs of everyone is a home. This is usually met through mortgage loans with its attendant advantages and disadvantages. While a mortgage loan can bring happiness to the family, it can at the same time bring about financial hardship to the dependants in the event of untimely death of the breadwinner.
Capital Express Mortgage Assurance Plan guarantees that the dependants of the borrower do not suffer ejection or forced sale of the property by paying off the loan balance upon the death of the policyholder. The plan keeps the home in the family.
- In the event of death or total permanent disability of the policyholder within the policy term, Capital Express Assurance limited pays the outstanding loan to the lender (mortgage institution).
- The lender is the beneficiary under the policy while the policyholder’s dependants will be able to retain the house.
- Premium can be paid once i.e.(single premium) or annually over the term of the policy.
- Maximum age at entry is 60 years.
- Policy does not cover mortgage loan repayment default.
- The plan can be used to reduce credit exposure due to premature death.
- It provides the stakeholders peace of mind.