The average person rarely thinks about how their debts, including outstanding balances on their credit cards will be paid in the event of a critical illness, or worse, death.
Additionally, few think about how family members left behind will be able to cope with the burden of meeting these obligations.
In light of this, National Commercial Bank Jamaica Limited (NCBJ), in collaboration with NCB Insurance Company (NCBIC) is offering insurance coverage on outstanding credit card balances up to a maximum of JMD$2,500,000 through a brand new credit card insurance product – Creditor Life on Credit Cards.
As of today, (January 2, 2014) clients can enroll for Creditor Life on Credit Cards, which will pay off outstanding balances on personal credit cards in case of their death or diagnosis of heart attack, stroke or cancer. This insurance coverage ensures that the primary cardholder’s dependents will be protected from having to pay off his/her outstanding credit card balances in case the worst happens.
A key feature of this product is that no underwriting is required and the client does not need to provide any proof of insurability nor any declaration of health. Coverage is subject to specific limitations and exclusions, including age restrictions which clients can discuss with their branch representatives. Card holders can opt for either of two plans:
Life Only Plan: In the event of death, the outstanding credit card balance will be paid subject to the maximum limit of $2,500,000.
Life and Critical Illness Plan: In the event of death or diagnosis of one of the covered critical illnesses [heart attack, cancer or stroke] the outstanding credit card balance will be paid subject to the maximum limit of $2,500,000.
The Creditor Life on Credit Cards insurance coverage is underwritten by NCB Insurance Company.