The Sun Life Financial Creditor's Group Life Insurance
(CGLI) gives your institution distinct benefits and
advantages - all designed to help you fast-track your
loan collection, and improve your non-performing loans
ratio.
Protects Creditors From
Loan Loss
A debtor's untimely death usually results in loan loss,
especially if he or she was the sole or primary bread-winner
for the family. The CGLI protects by insuring all your
eligible debtors and guaranteeing that loans will be
repaid. As such, the CGLI also complements your efforts
at maintaining or enhancing your loan loss reserves
as well.
Assures Prompt, Convenient
Settlement of Loan Balance
With its prompt, convenient settlement of a debtor's
outstanding balance, a creditor saves on the time, extra
cost , paperwork and labor involved in the repossession
and resale of the deceased debtor's property.
Removes the Added Risk of Repossessing
Inadequately Valued Property
Because the CGLI eliminates the need to repossess and
resell a debtor's property, you also avoid running the
risk of acquiring property whose value may not even
cover the loan amount or balance, much less compensate
for the added time, money and effort involved in the
repossession and resale processes.
Enhances the Creditor-Debtor
Relationship
While the first three benefits of the Sun Life Financial
CGLI are obviously of value to every financing or lending
institution, this fourth benefit, although non-quantifiable,
is equally significant. When your debtors are covered
by the CGLI, you are telling them that their long-term
financial wellbeing matters to you... That you would
like their families or dependents to be free from risk
of having to shoulder their loan balances, in the case
of their untimely death.
General Banking Law requires that banks "...must ascertain
that the debtor is capable of fulfilling his commitments
to the bank..." before granting a loan or other credit
accommodation. Your debtors will appreciate the CGLI
program as a means for your financial institution to
follow the spirit behind the said requirement.
Apply now! Click
here to fill up the Group Insurance Data Form.
Contact
us to know more about Group Insurance.
