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:
Retrenchment Instalment
We cover your credit repayment, while you are unemployed, for up to 12 months.
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
Death
We settle your outstanding credit balance so your family will not be burdened by your debt.
Compulsory Unpaid Leave or Lay-off or Short Time
We cover your credit repayment while your income is affected, for up to 12 months.
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 DISABLITY
We settle your outstanding credit balance.
Submit your claim.
Credit is available for self-employed or pensioner customers.
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.
Ensure coverage by keeping credit repayments current, maintaining an active credit life policy for potential claims.
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.
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
