Net Term

NetTerm is a convenient and inexpensive term life coverage designed to insure the indebtedness on larger, long term loans and can be written to include disability insurance.

NetTerm (reducing loans) insures the principal amount of the loan, fees, the insurance premium and one month’s interest. NetTerm (level loans) insures the principal amount of the loan, plus fees, the insurance premium and the interest.

NetTerm insurance is designed to insure loans greater than $10,000 and the premium is based on the customer's age.

NetTerm will cover balloon notes, those with fixed monthly payments and loan payment frequencies of monthly, quarterly, semi-annual, annual, 5 payments per year, semi-monthly, bi-monthly and bi-weekly.

Non-Medical Limits: For amounts of insurance beginning with the limits listed below, a medical examination is required and will be paid for by Gulf Guaranty.

Ages Amounts
18-50 $100,000
51-60 $ 50,000
61-65 $ 50,000 (maximum limit)

Disability Limits

Ages Amount Term
18-55 $1,000 120
56-65 $ 500 60