Life is full of uncertainties, especially where credit is involved. Therefore, as a lending institution, it is important to ensure that you are covered for any finance or credit that you may advance to your clients in case of unforeseen circumstances.
What does Credit Life Insurance cover?
Credit Life Insurance is a life policy designed to pay off a borrower’s debt if that borrower dies, becomes disabled or is retrenched before the loan is fully paid back to the lender.
Key Features of the cover:
What are the benefits of Credit Life Insurance?
What is the Target Market?
The cover is meant to protect the lending institutions that advance Mortgage loans, Personal loans, Instalment finance, Overdraft facilities or Credit card facilities against risk of unexpected death, disability or even loss of employment of a borrower.
Mostly, the policy is effected by the financier on the lives of the members to whom credit is being offered. Hence the financier becomes the Assured and the borrowers are the Members of the group credit scheme.
What is required to place cover?
The following are the details required per member for the policy to be effected: –
How do I start?
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