GROUP MORTGAGE PROTECTION POLICY (GMPP)
Group Mortgage Protection Policy is cover taken out by employers to protect their financial interest on housing loans given out to their employees. The idea being that in the event any of the insured employees dies in service before completing repayment of the loan, the Insurance Company will pay the outstanding loan amount as at date of death.
Benefits to the Company-employers & employees
- This is an incentive to the employee, because they know that their house will not be repossessed from their families in the event of death.
- Helps to retain employees.
- To the employer, the risk of losing money in the event of the untimely death of the employee is eliminated.