Backed credit
If the debtor dies, BMI pays the entity the outstanding balance of the debt, including the pending principal and current interest.
Credit Balance Protection
Credit balance insurance
Group insurance for banks, cooperatives, associations and financial groups: protects the value of the loan granted if the borrower dies before paying it off and safeguards their family's peace of mind.
10 debtors
Why choose Outstanding Debt Balance Protection?
A group insurance policy so that your institution can protect the loans it grants in the event of the death of its borrowers.
Two options
Debtor balance, which pays the outstanding balance to the institution, or original amount, which also pays the remainder to the beneficiaries.
Covered loans
Applies to mortgage, personal and secured loans of individual borrowers, including joint loans.
No waiting period or deductible
Covers death from any cause, anywhere in the world, with no waiting period or deductible.
Peace of mind for the family
The loan balance is covered, and the family maintains its quality of life and can continue with its plans.
The entity takes out the policy
The financial institution is the policyholder, chooses the option (outstanding balance or original amount) and brings together at least ten debtors.
Borrowers are included
Covers borrowers age 18 or older with an active loan at the institution, subject to BMI approval.
BMI is notified of the claim
The entity or the insured notifies BMI of the death in writing.
BMI reviews and pays
The claim documentation is submitted and BMI pays once all documents have been received.
Document Downloads
Debtor Balance Protection coverage
Death from any cause
Basic coverage: BMI pays the institution the outstanding balance of the debt, up to the sum insured.
Unemployment and temporary disability
For an additional premium, it pays the monthly loan installment toward the outstanding balance during the period set in the benefits table.
Total and permanent disability
For an additional premium, it pays the institution the original amount or the outstanding balance if the insured becomes totally and permanently disabled.
Optional services
Funeral and dental services and Tarjeta MAS Colectivo, with an additional premium.
Frequently asked questions
We answer the most common questions about our group outstanding balance protection policies.
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It is a policy designed to protect the outstanding balance of a loan if the insured person dies before finishing paying off the loan. Its application is subject to the sum insured and the conditions established in the policy.
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This product is aimed mainly at banks, cooperatives, solidarity associations, financial institutions and other regulated organizations that grant loans and wish to protect their portfolio against the death of an insured debtor.
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When the event is covered, the insurance can contribute to paying the outstanding loan balance according to the sum insured and the policy conditions. This helps reduce the financial impact the debt could have on the family or dependents.
