A car accident in West Sepik last month left 11 people dead. Amongthem were three female teachers.
The three women were TISA members who had taken out personal loans beforetheir deaths.
Chief Executive Officer ofthe TeachersSavings & Loans Society, Michael Koisen has warned members andthe public to be careful when taking out loans from financial institutions.
Mr Koisen said it was a common problem where members who had passed away hadtheir savings used to recover debts leavingtheir families with nothing.
Yesterday, CapitalInsurance paid life insurance covers to TISA for the deceased teachers. The two organizations have been in partnership for the last four years.
This scenario has been faced by many Papua New Guineas where accumulated savings are used to settle outstanding loans or debts incurred.
Fortheir families, it’s anther blow asthey are not able to claim those savings.
Mr. Koisen, saidthe public needed to be more aware when taking out loans.
Besed on past experiences, TISA and CapitalInsurance established this partnership to ensure members andtheir families are secure during sudden tragic situations.
