CREDIT LIFE INSURANCE

Credit Life Insurance Plan is a group life protection plan predominantly for banks and financial institutions offering personal loans, credit cards and mortgage plans. In the event that a borrower dies, the outstanding loan is paid off and the payment is made directly to the loan provider. The cost of the cover can be levied by the loan provider as part of the loan repayment.

Each Credit Life Insurance Plan Agreement can be tailored to match the customer base, however, some additional features are :

  • Optional Total and Permanent Disability cover
  • Single life or Joint life cover
  • Flat rate cover
  • Monthly revolving plan
  • Single contribution plan
  • Yearly renewable plan

Advantages of our Credit Life Insurance Plan product

  • Bulk life cover is cheaper than individual plans.
  • Loan processing will be quicker and more efficient.
  • Administration is simple for the loan provider.

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