Credit Life Protection

The credit life product covers a series of events and can be specifically packaged for a client’s needs. The benefits payable can either pay the outstanding balance or the monthly instalment under a finance agreement, depending on which event has taken place. This product can be sold where there is any debt or finance agreement.

Events which are covered include Life, Permanent Total Disability and Critical Illness – these usually pay the outstanding balance on the finance agreement.

There are eligibility criteria in the form of age and health declarations. The policy usually expires when the client reaches the age of 65 years and the policy is linked to the finance agreement. The usual maximum benefits paid are R18 000 per month under the monthly instalment benefit and R750 000 under the outstanding balance benefit.

This product is underwritten in the long term license.