Creditor Life

Creditor Life


NCB Insurance Agency and Fund Managers ("NCBIA") is an agency offering Guardian’s Group Creditor Life Insurance. Creditor Life Insurance gives the financial organisation protection against outstanding loan obligations in the event of death, diagnosis of a critical illness (heart attack, stroke, or cancer), or involuntary loss of employment.

Main Benefits

  • Repayment of outstanding loan balances in the event of a customer’s death, diagnosis of critical illness or involuntarily loss of income.
  • Assets pledged as collateral for loans may be returned to the estates of borrowers for use by their relatives.
  • No medical examination is required for unsecured loans up to $10 million and $20million for secured loans.

Eligible Customers

All commercial banks and microfinancing organisations can opt into a creditor life contract with Guardian. The customers of these institutions should be 18 – 65 years and are availing of personal loan facilities. Customers are NOT required to undergo medical examination for unsecured loan amounts of $10 million and $20 million for secured loans. Medical requirements will be determined by Guardian for loans in excess of these amounts.

Eligible Loan Types

All personal loan types.

Maximum Insurable Limit

Customers of the financial organisation may insure more than one personal loan under the scheme, provided the maximum insurable limit of $90 million is not exceeded.


An enrollment form is to be completed along with the loan application form. A copy of the enrollment form will be returned to the customer as proof of coverage (i.e. a Certificate of Insurance).

Calculation of Premiums

Premiums will be calculated based on a schedule of single and bulk premium rates, which vary according to the loan amount, customer’s age and the loan repayment period

Coverage of Joint Loan Facilities

Where loan facilities are being granted jointly, only the principal borrower is covered in this policy.

Premium Refunds

When a loan facility insured under the Creditor Life Scheme is closed ahead of the scheduled expiry date due to early repayment or consolidation to a new facility, the customer will be eligible for a refund of a portion of the premium paid.

Termination of Insurance Coverage

Insurance coverage will be terminated on closure of the loan account or in the event of non-payment of loan obligations.

Credit Cards

Most persons do not think about how their debts, including outstanding balances on their credit cards, will be repaid in the event of a critical illness or worse, death and as such, surviving family members are often unexpectedly saddled the burden of these obligations. Recognising that the ability to protect loved ones from this burden would provide credit cardholders with added peace of mind, NCBIA offers Guardian Creditor Life on credit cards. This coverage is on the outstanding credit card balances to protect loved ones from the burden of unanticipated credit card debt.

Main Benefits

Repayment of outstanding balances on credit cards (up to $2,500,000) in the event of death of the primary cardholder, upon diagnosis of one of these critical illnesses (Cancer, Stroke, Heart Attack) or involuntarily loss of job.

No medical examination is required.

Coverage Options

There are two coverage options:

  • The Life Protection Only or life and loss of job – In the event of the death of the covered cardholder, the policy will cover the outstanding balance on the card, subject to the maximum benefit limitation*.
  • Life and Critical Illness Protection or Life, Critical Illness Protection and Loss of Job – In the event of death, or diagnosis of any of the specified critical illnesses (Heart Attack, Cancer or Stroke) the outstanding balance on the card will be paid subject to the maximum benefit limitation*.

*Under both coverage options, the payment will be made directly to the card issuing financial intuition.

Eligible Customers

Only personal credit cards are covered.

  • For the Life Only or Life and Loss of Job Benefit - Cardholders between the age of 18 and 65 years are eligible.
  • For the Life/Critical Illness Benefit and Life/Critical Illness/Loss of Job plans – Cardholders between the age of 18 to 60 years are eligible.

Maximum Insurable Limit

The total credit card balance that a primary cardholder can insure is subject to a maximum of JMD$2,500,000.00.


New cardholders may indicate their interest to be enrolled in the Group Credit Card Insurance Plan by selecting the appropriate option on the Credit Card application form. Existing cardholders may contact the financial organisation the credit card was issued from.

Premiums rates

A rate per $100 of the statement balance on the insured card account will be charged for each plan as set out in the policy schedule. Guardian Holdings reserves the right to revise the premium rates from time to time.

Premium Calculation

Premium payable for a particular month is determined using the statement balance on the card(s) for previous month subject to the insurance limit ($2.5M). Premium = rate/$100 * statement balance for previous month

Termination of Coverage

Insurance coverage under this plan will cease upon the earliest of the following:

  • The date of death or diagnosis of critical illness under this policy.
  • The payment of any claim in respect of a card account.
  • The date the policy owner (i.e. the Bank or other financial institution) receives written request of termination of insurance from the primary cardholder.
  • The date the credit card becomes classified or is terminated.
  • The date the cardholder attains age 70.
  • The date the cardholder becomes insolvent or bankrupt or when the credit card privileges have been revoked.
  • The date the Group Credit Card Insurance Policy is terminated.

Termination of Loss of Job benefit

Occurs on the earlier of:

  • 3 loss of job benefits
  • Total benefits payments reach $800,000