What is Credit Life Insurance?
Credit life cover is a type of life policy that relates to credit (debt specifically). It is in both the interest of the borrower (you) and the lender (the people you owe money to) to have a credit life insurance policy in place.
A credit provider will generally include or insist that you have a credit life policy in place while you still owe them money, and it is included when you open the account initially. It is always included in your monthly instalment. What this means, is that when you make monthly payment towards that account, a part of that payment will be allocated to the insurance premium.
Protect yourself and your family
Claim in the event that you cannot earn an income and meet the obligations under a credit agreement.
You and your family will be protected in case of:
- Death & Permanent Disability
Your credit providers will receive a lump sum payable to settle all outstanding balances.
- Retrenchment & Temporary Disability
Your monthly credit instalments will be covered for a maximum of 12 months.
Did You Know?
- 1. Many consumers do not even know they have this insurance in place.
- 2. You are entitled to switch your current policy with another provider for a lower rate.
You may be paying too much for your cover.
If you are currently a client of Debt Rescue and would like to discuss a lower rate for the same cover then contact our Credit Life Department today at vaps@debtrescue.co.za.
