GROUP LIFE
CREDITOR INSURANCE

When applying for a personal loan or residential mortgage at Republic Bank, ask your lending officer for information on the simple sign-up process.

Requirements:

Standard loan documents are sufficient.

What is Creditor Insurance?

Republic Creditor Insurance provides relief to your family by repaying your outstanding mortgage loan or personal loan balance in the event of your untimely passing or disablement.

How do I access Creditor Insurance?

When applying for a personal loan or mortgage loan at Republic Bank, you have the option of enrolling for creditor life insurance. This is a simple and easily accessible insurance product that is an option available to you through your lending officer as part of your Republic Bank loan package.

Generally, no medicals are required but you will have to complete a medical history questionnaire for mortgage insurance. Ask your lending officer for information on the simple signup process.

Taking Republic Life’s Creditor Insurance is not mandatory. You always have the option of obtaining insurance from another institution to cover the balance on your personal loan or mortgage (if required).

Business Loans and Commercial Mortgages are not eligible for Creditor Insurance.

How much does Creditor Insurance cost?

For personal loans, your Creditor Insurance cost is calculated based on the amount of your loan, the term and the applicable rate. For a single borrower the rate is TT$0.30 per TT$1,000 per month for a maximum of 7 years. For example, a loan of $50,000 for 5 years will cost [$50,000 x $.30 x 60 months]/1000 = $900. This is a one-time single premium which is paid when the loan is taken.

For joint loans, the applicable rate is TT$0.55 per TT$1,000.

For mortgage loans, the cost is determined by your age and mortgage balance. Ask your lending officer to request a quote for you.

Features and Benefits:

Coverage is based on the loan type and amount of the loan.

Personal Loans
  • Customers can only obtain coverage prior to the loan being disbursed
  • The maximum coverage amount is $500,000
  • The maximum term is 7 years
Click here to view the Certificate of Insurance.

Mortgage Loan

  • Customers may apply for coverage either at the point of loan disbursement or thereafter
  • The maximum coverage amount is $2,500,000
  • The maximum term is 30 years
Click here to view the Certificate of Insurance.

Frequently Asked Questions:

No, Creditor insurance is not required to be approved for a loan. However, life insurance may be a requirement, but you have the option of choosing any life insurance company. What Republic Life offers is the convenience of a one stop shop and not having to go to another insurer and possibly delaying your loan approval process.

Generally, no medicals are required, but you will have to complete a medical history questionnaire for mortgage insurance.

TT $500,000 and 7 years

TT $2,500,000 and 30 years

The maximum coverage amount is per loan type i.e. a customer can have coverage up to $500K on retail loans and $2.5M on a mortgage loan simultaneously.

A Death Benefit equal to the outstanding balance of the loan due to Republic Bank at the date of death of the insured borrower, up to the lesser of the total loan amount and the maximum coverage amount, subject to the Terms and Conditions defined in the Certificate of Insurance.

The Certificates of Insurance can be found on the RLIC website via the following links:
Retail Loan Certificate

In layman’s terms, this clause states that a claim will not be honoured, if the customer dies within 12 months of the effective date of insurance coverage, due to a pre-existing medical condition for which the customer was receiving treatment in the 12 months immediately prior to enrolment.

Note: If a customer dies within 12 months of the effective date of insurance coverage and had no known pre-existing medical condition, the claim will be honoured once the cause of death was not as a result of any of the Benefit Exclusion conditions specified in the Certificate of Insurance.

The branch will need to submit a request for reinstatement to RLIC which will be assessed on a case by case basis. For the consideration of reinstatement all outstanding arrears and premiums must be paid up.

  • Retail loan customers must apply for coverage at the time the loan is disbursed and cannot be enrolled subsequently.
  • Mortgage customers may apply for coverage either at the point of loan disbursement or thereafter.

ALL requests and queries are to be directed to RLIC via email at rlicpremiums@rfhl.com or to any of the extension numbers listed below:

  • Telephone: 868-625-3617
  • Adriel Walters – ext. 69470
  • Tkeyah Assee – ext. 69480
  • Jihann Miller – ext. 69474
  • Jo-Ann Ragoo-Khalawan – ext. 69475
  • Sabrina Nath – ext. 69482
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