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Credit Life Insurance

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Credit Life Insurance

Credit life insurance is an insurance policy designed to pay off a borrower’s debt if the borrower dies. The face value of a credit life insurance policy decreases proportionately with the outstanding loan amount as the loan is paid off over time, until both reach zero value

This product covers a borrower to the extent of their bank’s financial interest in the loan and the actual monthly loan repayments, subject to a maximum of six installments at the time of retrenchment.

Credit life insurance is an insurance policy taken out by the borrower for the benefit of the lender. The borrower will pay a premium — that allows the lender to be paid in full in the event the borrower dies before the loan is paid off.

  • Prevent your loved ones from financial hardship.
  • It provides peace of mind - knowing that when you die, your debts will die with you.
  • It provides peace of mind - knowing that when you die, your debts will die with you.
  • No Medical Exam Needed

This form of insurance pays off debts (loans) in the case of death, disability, terminal illness, retrenchment, unemployment or other insurance risks that impair the creditor’s ability to earn an income or meet their debt obligations

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