Insurance

Life Insurance

1. Group Life Insurance - Designed for companies, as part of their benefits, whose employees are covered for life insurance based either on their annualized salary or fixed amount based on position. Premium payment are mostly shouldered by the employer but in some cases may be paid through salary deduction from the employee. Basic coverage is death either due to illness or accident to the employee. Other insurance riders usually incorporated in a Group life insurance are: Accidental Death and Disablement, Burial Expense, Murder and Unprovoked Assault, Medical Expense etc.

2. Mortgage Redemption Insurance - A type of Group Life insurance designed to indemnify the mortgagee bank because of death of its creditors. Some banks or finance companies usually base the amount of coverage either on the current outstanding balance or the original principal amount of the loan. Premium is cheaper because of its volume. Banks or finance companies who use this are those who are into home loans and the like.

3. Creditors Life Insurance - Almost similar to the Mortgage Redemption insurance. However, Creditors Life insurance is designed for clean or unsecured loans, i.e., without collateral. Banks or finance companies who use this are those who are into auto loans, credit cards and the like.

For more information, please call 688-1211 or 688-1212.