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Credit Life Insurance

Provides cover for loans granted to Borrowers/mortgagors of a lending institution. It repays the outstanding balance of a loan in the event that the debtor dies or becomes permanently disabled before the loan is fully repaid.

About this plan

Credit Life Assurance provides cover for loans granted to Borrowers/Mortgagors of a lending institution. It repays the outstanding balance of a loan if the debtor dies or becomes permanently disabled before the loan is fully repaid.

In the event of death/disability, the lending institution will be paid the outstanding amount that is owed by the customer.

In addition, it provides a strengthening of the value proposition to your customers in that, by taking the proposed cover, the borrower and his/her family will not suffer the loss of the financed asset in the event of death or disability. On this basis, the lending institution may very well recover the premium for this cover from the client as part of the initial financing transaction.

Benefits

It gives comfort to Borrowers/Mortgagor of a Lending Institution. In the event of death, the defendant's of the deceased will still keep the property and will not suffer the loss of a financed asset

It is a Win-Win situation for the Lending Institution and the Customer

It is very easy to administer. It is usually bundled with the loan amount from inception and the cost will be borne by the customer on a monthly, annual or single premium basis

Available Riders

Permanent Disability

The permanent disability rider component provides for payment of the benefit amount as a lump sum in the event of the life assured becoming permanently disabled.

Critical Illness Benefits

The Critical Illness benefit provides a lump sum benefit that will be paid to a member if he/she is diagnosed as suffering from a listed Critical Illness. The Critical Illness benefit is designed to assist with the payment of expensive medical treatment needed for a member to survive or to be rehabilitated from a Critical Illness.

Other Credit Life Product

Keyman Assurance

Keyman Assurance is designed to protect a lending institution in the event of an untimely death/permanent disability of the key staff of a borrowing company. This would be especially useful for the corporate leases that are provided to small/medium-scale organizations.

The cover is taken on the life of the Key Individual(s), whose sudden death would directly affect the operations and financial standing of the borrower/company and its ability to service the loan obligation.