Publish Date: 07/03/2019
You are covered with African Bank Credit Life Insurance
Now, more than ever, South Africans need all the financial help they can get. Many people have been unable to earn an income, while others have seen their pay packets shrink due to reduced working hours, as a result of Covid-19 and the National Lockdown. At African Bank, we are here for you and our commitment to ease your financial burden remains unwavering. Have you heard of Credit Life Insurance?
What is Credit Life Insurance?
You get Credit Life Insurance when you apply for credit, such as a Credit Card or a Loan. It covers the monthly instalments for up to 12 months in the case of retrenchment, short time, compulsory unpaid leave and temporary disability. In the case of permanent disability and death, the full amount of the loan is covered.
How do you check if you’re covered for Credit Life Insurance?
This information is found in your master policy, which contains all your insurance information from when you signed the credit agreement. You can also check your Loan agreement or contact our insurance department to confirm the details for you.
Who can claim from Credit Life Insurance?
If you have been retrenched, had your work hours and salary reduced by 20% or more, or have been put on compulsory unpaid leave, you can claim from your Credit Life Insurance. Loan customers in any of these situations, whose monthly loan repayments are up to date, can invoke their Credit Life Insurance benefits.
What documents do I need to provide to prove loss of income?
To log a Credit Life Insurance claim, you will need to produce the following:
If you have been put on compulsory unpaid leave, these are the documents you will need to log a Credit Life Insurance claim:
For those who have been retrenched, these documents will be required from you when you log a claim:
What is the claim process and turnaround time?
You will need to submit your claim as soon as you have been notified of your short time, retrenchment or compulsory unpaid leave. This claim needs to be accompanied by the above mentioned required documents. Once we have received all documents, your claim will be assessed within 48 hours.
It is very important to contact us as soon as possible to find out whether the Credit Life benefits apply to you. For more information on African Bank Credit Life Insurance and claims, click here. We are here to help you get through this difficult time.
About African Bank
Our mission is to be a successful Retail Bank offering a wide range of products and services to the consumers of South Africa. The people who work for African Bank represent the diverse population of South Africa; therefore we are a reflection of you, of all South Africans. We seek to provide value - more than our consumers expect of us. We promise to live our purpose 'humanity through banking' in all that we do and we are confident that we can, because 'We are You'.