Credit Life Insurance (CLI)
Write off or reduce outstanding loan with the bank in case something happens to you through Philippine Prudential’s Credit Life Insurance!
Credit Life Insurance will give the debtor and his family the comfort that their major investment is protected. This product is available through the mortgage lender or bank. This enables you to take advantage of affordable group premium rates and at the same time enjoy the convenience of adding the monthly premiums to your mortgage payment. Credit Life Insurance can free your family to use other life insurance benefits for daily living expenses, education and other important needs.
Credit Life Insurance Benefits:
- Payment of Outstanding Loan – In case the debtor passes away, Philippine Prudential will ay the mortgage lender/bank the insured loan balance. This will either extinguish or reduce the debtor’s loan.
- Lump Sum Amount for the Family – In case the debtor passes away due to accident, Philippine Prudential will provide the debtor’s beneficiary an amount equal to the insured loan balance.
- Optional Coverage for the Co-maker/Co-debtor – This optional benefit provides accidental death benefit to the co-maker/co-debtor. In case the co-maker/co-debtor dies due to accident prior to full payment of loan, Philippine Prudential will pay the mortgage lender/bank the insured loan balance. This can either write off/reduce the outstanding loan with the mortgage lender/bank
To know more about this product, you may contact Group Marketing at tel. no. (632) 755-1551 or call the Customer Service Hotline at (632) 902-2300.