Overview

Credit Life Cover entails the provision of a benefit amount equal to the loan amount outstanding (or alternatively an amount equal to the original loan) in the event of the client’s death (and possible disability). The credit life cover is offered to organisations that give out credit facility and overdrafts. The following is covered under the policy:

  • Death by accident or illness excluding suicide or intentional means.
  • Temporary total disability.
  • Permanent Total Disability

Benefits

  • Protection from losing money in the event of a default by the borrower.
  • Very low rates.
  • Covers temporary disability.
  • Reduce risk and increase income.

Who qualifies?

  • The credit life cover is offered to organisations that give out credit facility and overdrafts.

What you need to apply

  • Full names,
  • ID number,
  • Dates of Birth,
  • Initial loan amount,
  • Principal outstanding,
  • Insurance rate,
  • Tenor,
  • Loan maturity date