Credit Life Insurance

Who hasn’t applied for a loan or has an available credit card? Have you thought about what would happen to your credit if you lost your job? And what if you become disabled, how will you protect your credit? Credit insurance is an insurance that financial institutions obtain and make available to its clients, as an optional feature, when getting a personal loan, car financing, or credit card. Coverages available under credit insurance may be credit life insurance, accidental death insurance, involuntary unemployment insurance, and disability credit insurance.

Our coverages include:

Disability Coverage

Should the insured be fully and continuously disabled during the first 12 months, the benefit is between $500.00 monthly and up to maximum of $10,000

Life Coverage

We will pay the amount that appears as balance owed at the time of the death, to a maximum of $10,000

Involuntary Unemployment

This coverage is designed to cover a monthly obligation in cases in which the principal debtor loses their job involuntarily as a result of individual or mass layoffs, a general strike, termination by the employer, labor dispute by the union, or temporary workplace closure.

Did you know?

• Unemployment in Puerto Rico surpasses 16% and it is expected to reach 18%.
  
• In recent years, approximately 186,000 jobs were lost in Puerto Rico.

• Since december 2007, more than 2.7 million Americans have lost their jobs.

The information provided here is a brief summary of the policy. The specific details, including conditions, limitations, and exclusions that apply to this insurance are stated in the policy.

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