Credit Life
We provide financial solutions for both debtors and creditors.
We believe that one should be remembered by his deeds and not by his debts. Our Credit Life products provide protection to you, whether you’re a lender or a borrower, against the possibility of an unpaid loan due to a borrower’s untimely death. With Credit Life, loans are paid, assets and possessions safeguarded and future earning power kept intact.
Contact a Philam Life Financial Planner
Contact us at (02) 528-2000 or
email us at philamlife@aia.com.
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Our Credit Life Plans
We protect the interests of your rural bank and your borrowers.
You want to protect your bank’s lifeblood – your clients and employees. Philam Life’s COMPADRE (Combination Package for Debtors and Regular Employees) helps rural banks fulfill their roles as secured lenders and concerned employers.
Protection for Lenders and Borrowers
- You don’t need to worry about repayment of loans because you will get ‘Triple A’ coverage: Anytime, Anywhere, and against Any cause of loss of life.*
- You can give your borrowers peace of mind that their loan will be paid and not shouldered by their family in case of unforeseen events. Additionally, any excess coverage will be given to their family.
- You can enhance your borrowers’ coverage by attaching the following riders:
- Accidental Death & Dismemberment Benefit
- Total and Permanent Disability Benefit
Protection for Employees
- You can get FREE group life insurance for up to 25 of your employees when you reach a total of 50 borrowers and a total loan volume of P2,500,000.
With COMPADRE, you can get credit life insurance for your borrowers and free group protection for your employees.
* Except suicide during the first year of loan.
We provide you valuable benefits to work hard for you with COMPADRE.
For the Lender
- Protection and the assurance of loan repayments
- Income opportunities through the receipt of service fees
- You can extend these benefits to your clients:
- Easy and simple enrollment
- Collateral-free loans
- Reasonable premiums for high insurance coverages
- No worry of property repossessions
- PLUS! 25 of your employees can get FREE group life insurance coverage!
For the Borrower
- Peace of mind that his debt will be paid and not shouldered by his family
Below are common Frequently-Asked-Questions (FAQs) about COMPADRE that we have compiled for your reference.
Q: What types of groups can avail of COMPADRE?
A: COMPADRE is available exclusively for Rural Banks
Q: Who are eligible to enroll?
A: All Borrowers who are actively-at-work, in good health, able to perform the normal chores of life, and below age 65 may be covered.
Q: What is the minimum amount of borrowers?
A: A group should have at least five eligible borrowers to be a valid group.
Q: How much coverage can insureds avail of?
A: Minimum amount of loan to be insured could be as low as P1,000 up to a maximum of P1 million per month, for personal loans; and P5 million per month for housing loans.
Q: How can my Rural Bank employees get free insurance?
A: When you reach a total of 50 borrowers and a total loan volume of P2,500,000, your Rural Bank automatically becomes eligible for group insurance. Up to 25 Rural Bank employees can be insured for free.
Q: What do I need to submit to receive a proposal?
A: Please submit the Rural Bank's Representative's name and designation to our Corporate Account Officer (link to Contact Us or something) so we can prepare a proposal for you.
Q: Once I find the proposal acceptable, what are the requirements before borrowers can be insured?
A:
- Credit Life Survey sheet showing the initial list of individuals to be insured:
- Name of Borrower
- Date of Birth
- Loan Amount
You may ask your Philam Life Corporate Account Officer for a copy of the Survey Sheet.
- Group Application Form
- Premium payment