Mortgage Protection Plans are term life insurance plans with decreasing death benefit patterns. The purpose of the product is to provide life coverage on borrowers of mortgage loans. In the event of the death of an insured borrower, the proceeds from the death benefit can be used to pay off the outstanding balance of the loan.

The death benefit is equal to coverage face amount initially and decreases every policy year. Intra-policy year death benefit is determined by finding the average between the benefit amount for the current policy year in which the death occurs and the benefit amount for the next policy year. The minimum Face amount is GYD 1,000,000.