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Personal Loan Life Insurance

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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.



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

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Personal Loan Disability Insurance

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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.



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. Offered in conjunction with life coverage.

  • Loan term: up to 60 months

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Involuntary Unemployment Insurance

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


Retroactive Plan:

The plan begins after a minimum waiting period of 30 days. Afterward, the 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.



With full-time employment in a non-seasonal position for the last 90 days prior to the date of loss, and at least 30 hours a week in an occupation that is not temporary.



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.



Product not available in the BVI.

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