Loan Protection Insurance

Insurance on the life of a CLIENT-BORROWER in connection with a specific loan or other credit transaction to provide payment equivalent to the outstanding principal loan balance of the loan to creditors and a return of total principal payments to the beneficiaries, in the event of death of a CLIENT-BORROWER.

Eligibility Requirements

  1. Should be a CLIENT-BORROWER means a borrower of money or a purchaser or lessee of goods, services and property for which payment is arranged through a credit transaction.
  2. The CLIENT-BORROWER must be an active client of partner institution.
  3. At least eighteen (18) to 60 years old at the time of 1st loan release but can be renewed the policy on the succeeding loan cycle before his/her 65th birthday prior to the maturity of the loan.

Death Benefit

Upon the death of the insured CLIENT-BORROWER, MEADA will pay the following benefits to the corresponding beneficiaries:

  1. BENEFICIARY – the sum of principal payments made on the loan at the time of death of the CLIENT-BORROWER.
  2. CREDITOR – the outstanding balance of the loan at the time of death including the unpaid interest for the current month only.