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Features
Mortgage Insurance makes dream of owning a home possible
Mortgage Insurance can be paid in flexible payment options
Confidence to explore new markets
Premium Subsidy
Credit Insurance increases your credit rating
Credit Insurance offers access to economical levels of finance
Security of cash flow on credit is naturally a risky business
Risks Covered
Benefits
- You own contract and choose beneficiaries
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When you buy mortgage insurance from your bank, the bank owns the contract and is the beneficiary. If you buy your mortgage insurance from an insurance company, you own the contract and can name any beneficiary you want. Your beneficiary can choose to repay the loan, pay his or her debts or use the benefit for something else.
- You can convert your mortgage insurance
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An insurance company will allow you to convert your mortgage insurance to permanent life insurance, as needed, throughout the term of your loan. If you do convert your insurance, your premium will not increase and you will not have to undergo a medical exam. The policy will remain in force until your death.
- No more shopping around
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By buying your mortgage insurance from an insurance company, you won’t have to shop around for mortgage insurance for the duration of the term. Additionally, the cost will not increase over the years. If you buy from a bank, you are required to negotiate new mortgage insurance and your premium will be higher based on your age and any changes to your health in the meantime.
- Balance sheet engineering
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You can use the debtor asset on your balance sheet to free up working capital by unitising invoice discounting or factoring.
- Identifies potential losses
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Access to key credit risk analysis from insurers on your client, their sector, and political risk gives invaluable insight to help avoid losses.
- Reduces bad debt provision
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As potential losses are covered, you can reallocate excess bad debt provision as working capital.
- Fnancial Support
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Provides financial support to farmers thus, covers crop loss and damage arising out of unforeseen events.
- Economically strenghtens
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Economy of the country will get strengthened as farmers can repay loans with the reimbursement received from the crop insurance.
- Tax exemption
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Tax exemption on the premium paid by the farmers against the purchase of the crop insurance policy.
Add-Ons
- Family Rider
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A 1-4 Family Rider is typically required for multifamily investment properties with up to four units or two-to-four unit properties that are owner-occupied. This type of rider permits the lender to collect rent from the property if you default on the loan. Any rent the lender collects goes to pay down the outstanding loan balance until the default is cured. If you pay your mortgage on time and do not default on your loan, a 1-4 Family Rider should never be an issue. If you default on the loan, the rider provides protection for the lender because it can use rental income from the property to pay the mortgage.
- Condominium, Co-Op or PUD Rider
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This rider is required for mortgages on condos, co-ops and PUD (planned unit development) properties. The mortgage qualification requirements for these properties are different than for a single family home, as outlined in the rider. For example, to qualify for a mortgage on a condo, you are required to provide additional documents and have different insurance coverage.
- Second Home Rider
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This rider is required for a mortgage on a second home or vacation home
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