Insurer launches new credit facility to protect small lenders, borrowers

By Patrick Villalobos, Contributor

Because lenders and their clients need protection, especially in these trying times, FWD Life Insurance Corp. has launched Group Credit Life Insurance (GCLI) to provide small financial institutions (SFIs) security from unsettled loans due to death, serious illness, or total and permanent disability of their borrowers. 

SFI like thrift and rural banks, and credit and loan facilities, among others, with at least 20 patrons can use this new offering to keep their business secure by providing loan and credit protection. 

They are assured of loan repayment if ever the borrower dies, becomes totally or permanently disabled, or is diagnosed with cancer, stroke, renal or kidney failure, coronary artery bypass grafting, and heart attack.

GCLI, likewise, prevents the assets of borrowers from being used to cover unpaid loans, thus, freeing from financial worries their loved ones that could be left behind.

“With this newest FWD Corporate Care solution, we do the job for them so that no matter what happens, neither the borrower nor their surviving family members have to worry about loan repayments,” said FWD Philippines President and Chief Executive Officer Li Hao Zhuang. 

“When it comes to mortgages, credit cards, and personal loans, it is always better to stay protected. For financial institutions, this means reliable insurance that not only protects loans and boost businesses, but empowers their customers to live life with confidence knowing that their loan is covered against the unexpected,”  he added.

  This product covers a broad range of loans—including business and car loans, mortgages, monthly credit card payments, and personal credit from a lending institution. 

Application requires a minimum loan coverage amount of P5,000. It provides loan repayment coverage for borrowers up to 75 years old.

 For inquiries, call (02)8888-8388 or contact FWD’s 24/7 Live Chat at http://www.fwd.com.ph.

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