National Commercial Bank (NCB) Jamaica has partnered with NCB Insurance Company (NCBIC) to launch a new credit card insurance product, Creditor Life on Credit Cards.

The new product provides insurance coverage for outstanding credit card balances up to JMD$2.5m ($23,596).

Users can enrol for the Creditor Life on Credit Cards, which will pay their outstanding balances on personal credit cards during intensive medical treatments such as heart attack, stroke or cancer, or in case of death, thus preventing the cardholders’ dependents from paying outstanding credit card balances.

NCB offers two plans for card holders, Life Only Plan and Life and Critical Illness Plan, where Life Only Plan will provide coverage in the event of death, while Life and Critical Illness Plan will provide $2.5m coverage for both death and critical illnesses.

Additionally, the Creditor Life on Credit Cards does not require any underwriting and client need not provide any proof of insurability or any declaration of health.