Fast Cash, Pan American Life launch payment protection plan

Fast Cash has launched its group payment protection plan partnership with the Pan American Life Insurance Company.

Speaking at the launch last Tuesday, country manager of Fast Cash Kevin Jessamy stated that the insurance plan will only cover new loans or refinanced loans from May 3.{{more}}

“It is important that we stress to all who will be covered under this plan, that neither payment scheduling nor total payable will be affected by this insurance coverage,” said the country manager.

“Coverage will be done under the following conditions and align benefits will be covered under death, under critical illness, under temporary total disability and under involuntary loss of employment,” Jessamy said.

He explained that this new measure would come at a marginal cost to the consumer, and will be included in the repayment amount.

“It is our way of helping to protect you in the event of one of life’s what ifs.”

Additionally, Jessamy noted that once a beneficiary has been named on the loan, that name cannot be changed. However, once that loan has been repaid, and if the customer wishes to apply for a new loan, they may list another beneficiary.

“In the case of death, for example, if for some unforeseen event and the person who took the loan has died, then the insurance policy pays off the person’s balance in total,” he pointed out.

The policy also covers customers who have lost their job.

“So, if there is an event that you have a long-standing job, you came for a loan and your loan was approved and for some reason your company closes down, then the insurance pays that monthly instalment for a six-month period. It gives you the opportunity to job hunt… However, if you decide to quit your job, then the insurance will not cover that,” Jessamy indicated.

He also explained that in the case of death of the policy holder, the insurance company would pay the balance and the beneficiary would receive some financial assistance during that time.

The country manager noted that once a customer has made a claim for a loan to repaid by the insurance, said customer cannot apply for another loan until the previous loan has been repaid.

The insurance covers death and critical illnesses including: cancer, surgery, stroke, kidney failure, organ transplant, blindness, heart problems, major burns, loss of hearing, loss of limbs, loss of speech and coma etc.

Also, if a person has a temporary disability, the insurance company will pay six months of instalments until the person is able to recover. (CM)