Group Mortgage Cover is a life insurance product that is offered to employers and financial lending institutions that issue mortgages. The amount of life assurance cover will be the amount of outstanding loan at a particular time.
In the unfortunate event of the demise of a borrower, NICO Life pays a lump sum to the employer or financial lending institution. This payment goes towards reducing the outstanding amount on the mortgage. If a balance is realized after settling the outstanding loan, it is paid to the beneficiaries of the borrower. The house remains the property of the beneficiaries.