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Payment Protection Plan

Insurance Payment Protection Plan

​FirstBank Insurance Agency, Inc. provides you the right coverage to keep you protected.​​


Personal Loan Life Insurance

This policy covers the outstanding balance of your loan in case the principal debtor or co-debtor suffers an event covered by the plan. Given this, the net balance of the loan, plus a sum equal to three monthly payments, will be paid. The amount insured protects the principal balance and the insured’s premiums only; interest charges are not covered by this plan.


The policy, exclusive for the debtor enrolled, will be effective immediately upon loan disbursement.


Eligibility:

Customers must be 18 years of age or older, with a maximum age of 65.


Coverage:

Single or Joint.


Benefit Limit:

Up to $50,000.


Loan Term:

Up to 84 months.

Personal Loan Disability Insurance

This policy is designed to cover the insured debtor’s monthly obligations in the event a sickness or accident occurs during the policy period, leaving the debtor temporarily unable to work. The benefits will be paid after a 30 day waiting period. The insured will qualify for a maximum monthly benefit of up to $750 to cover the monthly loan payments while disabled.


Eligibility:

Customers must be 18 years of age or older, with a maximum age of 65.


Coverage:

Single (principal debtor).


Benefit Limit:

Maximum monthly benefit up to $750.


Loan Term:

Up to 72 months.

Personal Loan Involuntary Unemployment

This policy covers the monthly obligations of the insured debtor in the event of an involuntarily unemployment due to an individual or mass layoff, general strike, termination by employer, union labor dispute or temporary closing of operations.


Retroactive Plan

The plan begins after a minimum waiting period of 30 days; afterwards, benefits will be paid retroactively, starting on the first (1) day of unemployment and up to a maximum benefit limit applicable to the loan term.


Eligibility

Must have worked for income in the last 12 consecutive months, for a minimum of 30 hours per week, in a non-temporary job from which the past 90 days have been consistent with the same employer.​​

LEGAL USVI

This is only a general description of coverage. For further information you should consult your policy to know the terms, limitations, and general conditions. Insurance products are not deposits, not FDIC insured, not insured by other federal government agencies, not guaranteed by FirstBank or any of its subsidiaries and may lose value. Obtaining this insurance policy is optional and not a condition for credit approval. You may acquire the insurance policy either by the agent or a company of your preference. If you already have an insurance policy that covers all risks described here, you may not need additional insurance. This product is only available at the moment of loan disbursement.


DISCLAIMER OF BVI UNAVAILABILITY

Product not available in the BVI.

LEGAL USVI

This is only a general description of coverage. For further information you should consult your policy to know the terms, limitations, and general conditions. Insurance products are not deposits, not FDIC insured, not insured by other federal government agencies, not guaranteed by FirstBank or any of its subsidiaries and may lose value. Obtaining this insurance policy is optional and not a condition for credit approval. You may acquire the insurance policy either by the agent or a company of your preference. If you already have an insurance policy that covers all risks described here, you may not need additional insurance. This product is only available at the moment of loan disbursement.


DISCLAIMER OF BVI UNAVAILABILITY

Product not available in the BVI.