Triple Cover Endowment
Providing permanent shelter for oneself and/or dependants is one of the most essential things every person would wish to do. However, this may be made difficult by limited financial abilities. Financial institutions like Banks could be willing to provide the necessary funds by way of housing loans but due to large amounts involved in the initial stages, they could be reluctant since they wouldn't want to incur losses if the borrower died before full repayment of the loan. This is where our unique Triple Cover Endowment policy comes in since it is designed to provide cover that would cater for the risk of Death during the loan repayment period.
This policy is therefore suitable to be taken as a security for the loans to be borrowed by assigning it to the lender or the financier.
Then, how does it work? A person effects a policy on his/her own life to mature at the end of the Loan Repayment period. If death occurs at any time during the term of the policy, THREE TIMES of the Sum Assured would be paid to the lender/financier who would recover the outstanding Loan as at time of death whilst the reminder would be paid to the dependants of the deceased. Should the Life Assured survive the term, and the loan is fully repaid, the lender/ financier will reassign the policy to the Assured who would receive the maturity value.
Benefits incorporated in this policy include:
Security for Loan