How does Credit Life Cover work?
The way Credit Life Cover operates is by serving as collateral for your loan, such as a mortgage.
This coverage includes:
Credit Life Insurance in South Africa
How Credit Life Insurance Works
Benefits of Credit Life Insurance
Credit life insurance provides financial protection to borrowers and their families in the event of death, disability, or retrenchment.
This can help to ease the burden on family members and provide peace of mind to borrowers.
Credit life insurance is a legal requirement for most lenders, so borrowers need to have coverage in place in order to be eligible for a loan.
What are the benefits for you?
- The coverage value does not decrease over a specific period
- Can be kept as whole-life personal coverage even after the loan is fully paid
- The remaining funds can be given to a nominated beneficiary after the loan is settled
- Ready-to-use package designed specifically for this purpose, easy to understand and apply.
Difference Between Credit Life Insurance and Life Insurance
Credit Life Insurance
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