Creditor Life is a loan insurance scheme that facilitates the insuring of all new personal loans issued by NCB Jamaica Ltd. (NCBJ) up to a maximum amount of $10 million per customer.  

Main Benefits

• Repayment of outstanding loan balances in the event of a customer’s death.
• Assets pledged as collateral for loan facilities can be returned to the estates of borrowers for the use of their relatives.
• NCBJ will not need to claim on the estates of deceased borrowers in order to liquidate unsecured facilities.
• No medical examination is required for loans up to $5 million.
• No stamping charges, which are normally incurred on assignment of individual life insurance policies.

Eligible Customers
All NCBJ customers in the age range 18 – 65 years availing of personal loan facilities are automatically qualified for coverage under the Creditor Life Loan Insurance Scheme. Customers are NOT required to undergo medical examination for loan amounts of $5 million or less. Medical requirements will be determined by an underwriter for loans in excess of $5 million.   

Eligible Loan Types
All personal loan types granted under all loan schemes are eligible. It is mandatory that all unsecured personal loans be insured under the Creditor Life scheme.
Maximum Insurable Limit
The total loan amount that an individual customer can insure is a maximum of $10 million at any point in time. Customers may insure more than one personal loan under the scheme, provided the maximum of $10 million is not exceeded.
Enrollment
A simple Enrollment form is to be completed along with the loan application form. A copy of the enrollment form will be returned to the customer as proof of coverage (i.e. a Certificate of Insurance).

Calculation of Premiums
Premiums will be calculated based on a schedule of single premium rates, which vary according to the customer’s age and the loan repayment period

Coverage of Joint Loan Facilities
Where loan facilities are being granted jointly, coverage can be effected only on the life of the customer identified as the principal borrower.

Premium Refunds
When a loan facility insured under the Creditor Life Scheme is closed ahead of the scheduled expiry date due to early repayment or consolidation to a new facility, the customer will be eligible for a refund of a portion of the premium paid.

Termination of Insurance Coverage

Insurance coverage will be terminated on closure of the loan account or in the event of non-payment of loan obligations