Mortgages and home loans
Mortgage Protection
Decreasing term life insurance that clears your outstanding mortgage if you die before it is repaid.
- Sold in
- Guyana
- Currency
- GYD
- Plan
- 5000
- Underwritten by
- Demerara Mutual Life Assurance Society Limited
Who it suits
Who should consider Mortgage Protection
For anyone with a mortgage, so that the loan is not left to the family.
Cover
What it pays
The cover amount starts equal to the loan and falls at the start of each policy year according to a schedule in the policy, in line with a repayment mortgage. If the borrower dies during the term, the payout is used to clear what is still owed.
Within a policy year, the benefit reduces gradually from that year's amount towards the next year's, in proportion to how far through the year the death occurs. The policy has no cash value. Minimum cover is GYD 1,000,000 (XCD 100,000 in the Eastern Caribbean).
At a glance
Key features
- Cover falls each year in step with the loan, so the premium stays low
- Terms of 10 to 25 years in Guyana; a 30-year term is also sold in the Eastern Caribbean
- Level premium for the whole term
- No cash or surrender value
- Cover amount paid to clear the loan on death
- Optional riders: waiver of premium (premiums waived after six months of total disability, to age 65) and accidental death and dismemberment (to age 65)
Choose a term
Plan options in Guyana
| Option | Cover and issue ages |
|---|---|
| MP10 | Cover for 10 years. Issue ages 18 to 60. |
| MP15 | Cover for 15 years. Issue ages 18 to 55. |
| MP20 | Cover for 20 years. Issue ages 18 to 50. |
| MP25 | Cover for 25 years. Issue ages 18 to 45. |
Eligibility
Who can apply
Issue ages depend on the term, from 18 to 60. The term should match the mortgage. The plan is fully underwritten.
Maintained by Life OperationsUpdated
Talk to an agent
Not sure which plan fits? Ask an agent in Guyana.
Tell us what you want to cover or save for. An agent from your local office will call you back to explain the options and the cost.
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