What it's about:
Credit Life covers you and your family in the event of your death, permanent disability, temporary disability, retrenchment, or diagnosis of a dread disease. (The following are defined as dread diseases: heart attack; stroke; coronary artery surgery; cancer; kidney failure; organ transplant; paraplegia; coma; serious burns, replacement of heart valve, renal failure; and blindness.)
How you will benefit:
In the event of:
your death: the policy will pay out what you still owe on your financial agreement.
your permanent disability: the policy will pay out what you still owe on your financial agreement.
your temporary disability: while you are temporarily disabled, your monthly instalments on the financial agreement will be paid.
a diagnosis of a dread disease: once there is a conclusive diagnosis of the dread disease, the policy will pay out what you still owe on your financial agreement. (The following are defined as dread diseases: heart attack, stroke, coronary artery surgery, cancer, kidney failure, organ transplant, paraplegia, coma, serious burns, replacement of heart valve, renal failure and blindness.) retrenchment: your monthly instalment on your financial agreement will be paid for a maximum period of 3 months per claim. (You may only claim for a total of 6 months, and there is a waiting period of 3 months.)
Why this product:
You won't have to cash in your life policies to settle all your debt.
Your family won't be without a vehicle if something happens to incapacitate you.
You can get discounted cover for a "second life": your spouse or business partner can be insured for 30% of the premium on the plan's "first life".
The death benefit is valid up to the age of 65. The other benefits are valid until up to the age of 60.