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 borrowers.
Small lending institutions like thrift and rural banks, credit and loan facilities, and other financial institutions with at least 20 borrowers can 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 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.
“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. 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,” FWD Philippines President and CEO Li Hao Zhuang said.