We understand that life happens and you may encounter unexpected circumstances such as an untimely death, permanent disability or an economic setback like retrenchment. Credit Life Insurance cover is a regulatory requirement that will help you to meet your obligations in terms of your credit agreement/facility in the case of an unexpected and unfortunate circumstance.
As a Category a Consumer, you’ll be covered for the following events, either to pay installments towards your credit agreement/facility or to settle your outstanding obligation in terms of your credit agreement/facility depending on the circumstance:
- If you are a Category B Consumer, you will be covered for Death only. Your loan and/ or credit card debt will be settled by African Bank.
- You will not be covered for any transaction on the credit facility "Credit Card" after the insured event.
- Within 90 days from the start of the policy, you will not be covered for
- Short Time
- Compulsory Unpaid Leave
- The customer will not be covered for Retrenchment, Short-Time and Compulsory Unpaid Leave, if
- the Insured loses his/her job because of: Fraud, dishonesty, misconduct, strikes, lock-outs by Employer,
- voluntary forfeiture of salary,
- voluntary retrenchment,
- retirement, or
- retrenchment of which the customer was aware or received notice of during the 3 months preceding the date on which the Credit Life Cover commenced.
- The customer will not be covered for Death or Disability resulting from
- willful, self-inflicted injury or suicide,
- active participation in warlike operations, rebellion, revolution, criminal activities, hazardous activities
- use of nuclear, biological or chemical weapons, any pre-existing condition the customer was aware of that affected the customer in the 12 months preceding the date on which the Credit Life Cover commenced.
Underwritten by: Guardrisk Life Limited. Terms and conditions apply.
How to claim
To make this process quick and easy for you, all you need to do is log a claim online, choose the specific event and include your full name, South African identity number, cell phone number and email address/fax number.
Log a claim online
Do you need more information on how to log a claim? Simply click on the informative African Bank Credit Life Master Policy, available in three of the South African languages.