Credit Life Insurance Protection Plan

In the world of lending, Hollard Credit Life Insurance stands as a bastion of security. It’s not just a policy; it’s a promise to lenders that even in the face of life’s unforeseen events, financial obligations will be honoured.

Key features of Hollard Credit Life Insurance

Comprehensive loan security: A robust safeguard for personal loans, corporate loans, mortgages, and keyman insurance.
Debt settlement assurance: In the event of a borrower’s default due to critical life events, Hollard Life settles the outstanding balance or total loan amount.
Bank of Ghana Mandate Compliance: A plan in perfect harmony with the Bank of Ghana’s mandate, ensuring all credit facilities are adequately insured.
Coverage for life’s uncertainties: Including but not limited to death, temporal/permanent disability, and critical illness.

Hollard Life will settle the outstanding loan balance or pay out the required monthly instalment as detailed below:

Death Benefit: In the event of death of the Life Insured occurring during the term of insurance the benefit payable shall be an amount equivalent to but not exceeding the outstanding loan balance.
Permanent Total Disability Benefit: In the event of permanent disability of the Life Insured occurring before the attainment of the benefit cease age and before the expiry of the term of the loan, an amount equivalent to the death benefit shall be payable by Hollard Life.
Temporary Total Disability Benefit: The Temporary Disability Benefit provides a monthly payment equal to the Loan Instalment in the event of an Insured Person covered by this benefit suffering Total Temporary Disability during the period of insurance.
Loss of Income Benefit: This benefit provides a monthly payment equal to the Loan Instalment in the event of the Life Assured covered by this benefit not being able to earn an income during the period of Insurance.

Hollard Credit Life Insurance is the financial fortress that lenders and borrowers alike can rely on. It’s smart, it’s secure, and it’s an embodiment of Hollard’s commitment to financial well-being.

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Frequently asked questions

What is Hollard Credit Life Insurance?

It’s a financial safeguard for lenders, ensuring that if a borrower can’t make payments due to serious life events, Hollard Life has got it covered.

What does this policy secure?

It’s like a financial shield for personal loans, corporate loans, mortgages, and keyman insurance, protecting against defaults due to unforeseen circumstances.

How does Hollard Life assist if a borrower defaults?

If the unexpected happens, Hollard Life steps in to settle either the outstanding balance or the total loan amount or keep up with the monthly instalments.

Is this plan compliant with the Bank of Ghana’s requirements?

Absolutely! The Credit Life Protection Plan ticks all the boxes, aligning with the Bank of Ghana’s mandate to ensure all credit facilities are well-insured.

What events are covered by this insurance?

The policy covers a range of events, including death, both temporary and permanent disability, and critical illness, because life doesn’t always go as planned.

What happens in the event of death?

Should a borrower pass away, Hollard Life ensures the loan doesn’t become a burden, taking care of the outstanding debt.

How are disabilities handled?

Whether it’s a temporary setback or a permanent shift, the policy provides for disabilities, keeping financial commitments in check.

What if a borrower is struck by a critical illness?

In such tough times, Hollard Life takes on the responsibility of the loan, allowing the borrower to focus on recovery.

Does the policy cover other insurable causes?

Yes, it’s not just the big three – the policy extends to other insurable causes because Hollard understands life’s complexities.

Who benefits from this insurance?

Lenders can breathe easy knowing they’re protected, and borrowers can rest assured that their loved ones won’t inherit their debts.

Hollard Credit Life Insurance is all about providing peace of mind in a world full of surprises. It’s smart, it’s caring, and it’s as reliable as the rising sun.

Hollard Credit Life Insurance

Key features of Hollard Credit Life Insurance

Hollard Life will settle the outstanding loan balance or pay out the required monthly instalment as detailed below:

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Frequently asked questions

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