GLICO MORTGAGE PROTECTION POLICY (GMPP)

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 GLICO MORTGAGE PROTECTION POLICY (GMPP)

What is the GLICO Mortgage Protection Policy?

The GLICO Mortgage Protection Policy is an insurance policy which protects financial institutions against the mortgage borrower’s inability to make repayments as a result of:

  • Death
  • Total permanent disability
  • Total temporary disability
  • Critical illness (e.g. Cancer,stroke, heart attack, among others)
  • Death benefit

The Balance of indebtedness will be paid assuming that all installments due from the commencement of the loan agreement have been paid or the full sum insured.

  • Total Permanent Disability Benefit

If the life insured is disabled by bodily injury such that he can no more do own occupation or any other occupation, the sum insured or balance of indebtedness shall be payable.

  • Temporary Total Disability Benefit

If illness or bodily injury disables the life insured, after a deferred period of 30 days (one month), the monthly instalment amount shall be paid by GLICO until the recovery of the life insured.
 

  • Dread Disease Benefit

If the life insured suffers from heart attack, stroke, cancer, renal or kidney failure, paraplegia, blindness, major organ transplant, coma, major burns, loss of speech, and HIV through blood transfusion, among others.
 
What advantages do I get for taking a GMPP?

The GMPP ensures the following advantages that the borrower’s:

  • Finance agreement will be paid if the worst happens.
  • Will have eliminated financial risk, and his/her assets will be more secure.
  • Family will be protected from an added financial burden when h/she dies or becomes temporal or permanently disabled.
  • Credit-worthiness will be protected.

What advantages do financial institutions get from GMPP?
The GMPP guarantees that the sum insured or balance of indebtedness of the borrower shall be paid to the financial institution when the borrower’s:

  • Dies
  • Becomes Total Permanent Disabled
  • Becomes Total Temporary Disabled
  • Or suffers any Dread (Terminal) Disease such as cancer, kidney failure, heart attack, stroke, cancer, renal or kidney failure, paraplegia, blindness, major organ transplant, coma, major burns, loss of speech, and HIV through blood transfusion, among other

How Can I take a Mortgage Protection Policy?

  1. Fill in the “get a quote” form now to start the process of enjoying a credit life policy today. We will contact you as soon we receive your submission.
  2. You can also call us on 020 2222 113 or send us an email to customerservices@glicogroup.com /creditlife@glicolife.com and we will quickly contact you to start your policy irrespective of which financial institution you took a mortgage from.
  3. Visit any of our bancassurance partners and our well-trained financial advisors will assist you sign unto a policy.
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