Credit Life Insurance

Peace of mind that your credit obligation will be covered during the term of your loan, should you be affected by any of these loss of income events.

Credit customers who are formally employed will be covered for:

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Retrenchment Instalment

We cover your credit repayment, while you are unemployed, for up to 12 months.

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Retrenchment Settlement

We settle your outstanding credit balance if you are unemployed for longer than 6 months. Note this is only on credit life policies taken out before 09/2018

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Death

We settle your outstanding credit balance so your family will not be burdened by your debt.

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Compulsory Unpaid Leave or Lay-off or Short Time

We cover your credit repayment while your income is affected, for up to 12 months.

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Temporary Disability

We cover your credit repayment while you are disabled and unable to work or earn an income for up to 12 months.

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PERMANENT DISABLITY

We settle your outstanding credit balance.

Submit your claim.

Credit customers who are self employed or on pension will be covered for:

• Death We settle your outstanding credit balance so that your family will not be burdened with your debt. • Temporary Disability: We cover your credit repayment while you are disabled and unable to work or earn an income for up to 12 months. • Permanent Disability: We settle your outstanding credit balance.

Make sure that you will be covered by keeping your credit repayments up to date so that your credit life policy will be active when you may need to claim.


*Waiting periods and exclusions apply


Retrenchment or Compulsory Unpaid Leave or Lay-off or Short Time are not covered for:

  • 90 day waiting period
  • Dismissals / misconduct
  • Suspensions
  • Participation in unprotected strikes
  • Employment contracts ended
  • Voluntary retrenchment
  • Voluntary retirement
  • Resignation
  • You were aware of retrenchment before taking out the credit life policy

Death or Disability are not covered for:

  • Pre-existing medical conditions 12 months before commencement of credit life policy
  • Participation in crime
  • Wilful self-inflicted injury or suicide / alcohol abuse / drugs or narcotics
  • Participation in hazardous activities

Updated terms and conditions

Insurance underwritten by Guardrisk Life, an authorised financial services provider and licensed life Insurer. Reg No: 1999/013922/06, FSP No: 76. African Bank Limited is an authorised financial services provider. Reg No: 2014/176899/06. FSP No 46094

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