Families of Merchant Finance customers could face less financial pressure when a borrower dies, following the launch of a new loan protection insurance product by TISA Insurance.

The product is designed to cover the outstanding balance of eligible unsecured personal loans in the event of a borrower’s death, subject to policy terms and conditions.

The agreement, signed in Suva today, allows Merchant Finance to facilitate access to the insurance for eligible personal loan customers.

TISA Insurance Chief Executive Officer David Ariff Chan says the partnership aims to strengthen financial protection for borrowers and their families when unforeseen circumstances arise.

He says insurance should provide security and peace of mind, particularly when families are already dealing with difficult circumstances.

Merchant Finance Chief Executive Officer Veilawa Rereiwasaaliwa says the product addresses a gap in the market by giving customers another option to protect their financial commitments.

He says the partnership is intended to help customers protect their investments and reduce the financial burden that could otherwise fall on their families.

The insurance offering extends the two organisations’ existing partnership beyond traditional asset protection, bringing insurance coverage alongside personal lending.

However, the extent of protection will depend on the policy’s terms and conditions, and customers will need to understand the coverage and any exclusions before signing up.

The companies say the initiative is part of their wider commitment to making financial services more accessible while strengthening the financial resilience of Fijian families.