Republic Life Insurance signs on to Financial Services Ombudsman

Republic Life Insurance Ltd has officially signed on to the Office of the Financial Services Ombudsman.

In a media release, the company said, “(As announced last August), Republic Financial Holdings Ltd expanded its lines of business into Trinidad and Tobago’s insurance sector with the introduction of Republic Life Insurance Company Ltd.” The signing took place last December.

Republic Life Insurance will now manage and underwrite creditor life insurance coverage for personal loans, mortgages, and credit cards offered by Republic Bank Ltd.

The company said, with creditor life insurance “insured borrowers have the protection that should they become disabled or die, the outstanding mortgage, loan, or credit card balance will be repaid by the proceeds of the insurance policy.”

Creditor life insurance is the first of several products Republic Life Insurance Company said it intends to introduce “which will enhance the total insurance product offering from the Republic Group.”

The move into the insurance sector is a major milestone for the RFHL Group and supports the Group’s objective of providing our customers with greater product choice from a financial services group they know and trust.

The company’s signing on to the Office of the Financial Services Ombudsman is consistent with the Group’s strong governance and customer focus principles.