Benjamin Franklin once said there are only two things certain in life: Death and Taxes. Waiver can help with the first!! A waiver is a promise from a firm to waive (or cancel) a payment if a certain event occurs.
As to what the firm will cancel if the event occurs is the choice of the firm. In the case of Life Waiver a typical waiver promise could be incorporated into a mortgage or secured loan and simply promise that if the borrower dies that the firm would waive the balance owing. In the case of a firm, the vast majority we have spoken with already waive balances owing in the event of death as it would be considered bad taste to pursue, but they don’t tell their customers.
In such circumstances the firm already has the cost of Life Waiver without the benefit of telling their customers how good they are if the worst should happen. By including a Life Waiver across an entire lending portfolio a firm is able to protect their loan book, waive balances owing upon death and recover the waived amount from their commercial insurance policy.
To discuss Life Waiver contact us today!
