National Commercial Bank Jamaica Limited (“NCBJ”), in collaboration with NCB Insurance Company (“NCBIC”), is offering insurance coverage on outstanding credit card balances up to a maximum of JMD$2,500,000 through a brand new credit card insurance product: Creditor Life on Credit Cards.
As of January 2, 2014, the bank's customers can enroll for Creditor Life on Credit Cards, which will pay off outstanding balances on personal credit cards in case of their death or diagnosis of heart attack, stroke, or cancer. The NCBJ said in a statement that this insurance coverage “ensures that the primary cardholder's dependents will be protected from having to pay off his/her outstanding credit card balances in case the worst happens.”
The NCBJ said that no underwriting was required for this product and customers did not need to provide any proof of insurability or any declaration of health. The NCBJ said that coverage was subject to specific limitations and exclusions, including age restrictions. Cardholders can opt for either of two plans:
- Life Only Plan: In the event of death, the outstanding credit card balance will be paid subject to the maximum limit of $2,500,000.
- Life and Critical Illness Plan: In the event of death or diagnosis of one of the covered critical illnesses [heart attack, cancer, or stroke] the outstanding credit card balance will be paid subject to the maximum limit of $2,500,000.
The Creditor Life on Credit Cards insurance coverage is underwritten by NCBIC.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].