Job Loss Protection

Additional Information

Provides a layer of protection against loss of income due to involuntary unemployment. It protects the committed monthly repayment to the Account Servicer or Policyholder if your customers become involuntary unemployed.

It can be structured to provide for a significant product enhancement for the following Distributors:

Mortgage Providers
Unsecured Lenders
Credit Card Providers
Motor Manufacturers
Telecom Providers
Energy/Utility Companies
Motor Distributors
House Builders
Educational Care Product Providers
Retailers
Affinity Groups

Coverage terms vary from 12 to 36 months and from 3 to 6 months benefit any one claim. A re-qualifying period, where applicable, of 12 weeks gainful employment must be observed before a customer can reclaim under the cover.

Protection for customer scheduled monthly account payments up to $2000 can be considered.

As a Product Enhancement

Job Los Protection can reduce loan book areas, provide loan book retention and act as a powerful retention, loyalty and revenue generation tool.

It allows Distributors to increase more sales of their core product offerings whether its mortgages, unsecured loans, credit cards, motor vehicles, telecom and utility services, building and supply of homes or enhancement benefits for an affinity group.

It installs customer confidence as a positive buying decision is greatly influenced by the security and knowledge that Job Loss Protection is there to eradicate the possibility of customer default on their monthly committed repayments following job loss.

Furthermore, Job Loss Protection provides the Distributor with the additional security to reduce account delinquency and default costs that would otherwise compromise cash flow, and affect long-term financial security of their business.