We know things have been tough with the Coronavirus and SA’s National lockdown. Many South Africans are losing their jobs as businesses are struggling to keep from going under. South Africans need all the financial help that we can get during this struggle.
We did some research because we feel like South Africans should know about the insurance that is included in their loan that will cover your debt payments should they get retrenched.
Ever heard of Credit Life Insurance? Majority of us haven’t as credit life insurance is built into your personal loan, mortgage, student loan, credit card etc. Banks or lenders are required to include credit life insurance in your loan or credit policy.
Credit Life Insurance and the payouts:
Credit Life Insurance helps you pay your debt from your credit provider in the event of
– Death or
– In case of retrenchment or you are unable to earn an income.
The Credit Life Insurance provider (usually your lender provides) will take care of your debt payments for up to 11/12 months. The payout depends on your credit life insurance policy.
There may be exclusions in the credit life policy where the provider has a waiting period to pay out but every credit life provider has their own policy wording just like car insurance.
To see what we suggest and watch a video explaining Credit Life Insurance Click Here