What is Sun Life Grepa Financial’s (Sun Life Grepa) Credit Group Life (CGL) and Credit Group Disability (CGD) Insurance?

Creditor Group Life  is a group term insurance issued to a creditor covering the lives of its borrowers in an amount based on the original or outstanding loan balance. In the event of death of the borrower before the loan is fully repaid, Sun Life Grepa pays the CGL coverage to the creditor/group policyholder. Any excess benefit shall be paid to the borrower’s designated beneficiaries. 

Credit Group Disability is a supplementary benefit attached to the CGL Insurance. The CGD benefit is paid to the creditor in case of the borrower’s total and permanent disability, for an amount based on the original or outstanding loan balance Any excess benefit shall likewise be paid to the borrower’s designated beneficiaries.