Coop Loan Protection Plan
A term insurance that provides protection both the coop(lender) and the member(borrower).
- Loan Insurance Coverage for the member-borrower of a Cooperative or Financial institution.
- Premium is computed per thousand per month bases.
- Protection is usually co-terminus with the term of the loan.
- Maximum term of Thirty-six (36) months.
To qualify for MHRMPC membership, individuals must meet specific criteria outlined by the cooperative.
- Must be a member of the Cooperative or Financial Institutions.
- 18-65 years old. For 66-69 years old graduated rates are applied.
- Individuals who are mentally competent, physically capable, in good health, able to perform their usual duties, and not affected by life-threatening diseases.
