Whatever debt you may have at your stage in life, it's important that you are covered if something goes wrong and you are unable to make the repayments, advise experts. One way to do this is to ensure that you have credit life insurance, which is an insurance product that is taken out specifically to cover your debt when you buy goods on credit. It is meant to protect you, the consumer, if you are unable to make payments on your credit loans. For example, should you get retrenched before you've fully paid the amount you owe, or you become terminally ill or disabled, or you die, credit life insurance will pay the outstanding debt on your behalf. Some people are unaware that they even have...
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Having at least a little debt has become the norm for most people, and while you may feel that you’re in control of your debt, it’s important to ensure that you’re covered in the event that something goes wrong and leaves you unable to make your payments. This is where credit life insurance has you covered. Credit life insurance is an insurance product specifically designed to cover the cost of your debt if you aren’t able to pay it back due to disability, unemployment or death. If you don’t want to burden your loved ones with repayment commitments that you’re unable to meet, credit life insurance can give you peace of mind. It covers you in the event of unemployment, disability or death...
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Editing Credit Life Insurance You use this function to create or change a credit life insurance policy used to secure a loan from the product category Consumer Loans (340). You can adjust an existing credit life insurance if one of the following values changes: · Development of the insurance contract · Age and/or gender person insured Integration · You usually create a credit life insurance together with the model calculation for a loan. You will find more information under Model Calculation. If you want to create this later, you can do so using this function. · If the values listed above change as a result of a business operation, the system adjusts the credit life insurance...
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Need Credit Life? Maybe not. A better option may be available. If you take any kind of large loan from most banks or credit unions, you will be offered credit life insurance. This is a type of decreasing term life insurance designed to match the principle balance of the loan at any given point and to pay off the loan in full in the event of the insured person's death. It is expensive because it is usually priced per $1,000 of credit per month rater than on an APR rate. Usually, you do not choose the beneficiary. The beneficiary is the bank. You pay the premium, but the bank collects if you die before the bill is paid. Most insurance professionals will tell you not to take insurance that...
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Credit life insurance explained Life has so many uncertainties. There is no guarantee that you will still have your job tomorrow. You don’t know if you will still be able to walk next month. However, one thing you can be sure of is that your debt is not going to go away because of your circumstances. In 2016, the Office of the Credit Ombuds found that many consumers are still not aware that they can pay their debt through credit life insurance. The office found that credit providers are selling products that are not relevant to their customers. Some were selling retrenchment covers to self-employed or retired consumers. According to Lee Bromfield, CEO of FNB Life, you can take out this...
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Think about the Future and Your Family’s Financial Stability Credit Life Insurance allows the borrower to secure the financial future of the family in case the insured event* occurs. What does the Credit Life Insurance Mean? Is a person is using Credo Bank loan, he has the possibility to use Credit Life Insurance and in case of insured event* occurs, loan shall be covered by insurance company Aldagi instead of borrower’s family. In other words, all financial obligations towards the company shall be abolished. In case of Insured Event* occurs is covered totally customer’s liability by insurance company. Physical Person, whose age is no less than 18 years at the beginning of...
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Despite the fact that credit life insurance provides invaluable protection to the policy holder in the event of them not being able to service their loan repayments due to death, disability or retrenchment, most people are unaware of even having this cover, how much they are paying each month, what the benefits are, or even how and where to claim. This is one scenario where ignorance is NOT bliss, and could be costing you a huge whack of money every year that you need not be spending. Now that the penny has just dropped that you have a personal loan, it’s right about the point that you should rush off to scrutinise your loan agreements and get on top of exactly what it is you are paying for...
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Credit life insurance is one of the most widely available insurance products to low-income consumers world-wide and is often a low-income consumer?s first encounter with insurance. Therefore the question of whether consumers are getting a fair deal when they purchase it is central to the inclusive insurance debate. This paper analyses the question through the lens of the low-income consumer in South Africa. The research in this paper follows an independent panel of enquiry, known as the Nienaber panel, to “identify and eradicate undesirable practices prevalent in the consumer credit insurance market impacting negatively on consumers” The panel report, released in 2008, found...
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Credit Life Insurance We guarantee protection for you and your family in the event of untimely death and disability. Pays up to P400,000 of your outstanding balance. The UnionBank Credit Life Insurace, U-Protect and U-Secure Security and peace of mind is yours to enjoy as a UnionBank cardholder. At any age, an illness or accident can strike you resulting in your disability or death. The financial effects can be devastating to you and your family. Medical expenses and other related costs pile on top of your regular monthly household and credit card bills at a time when you may have no income. Don’t let this happen. U-Protect Insurance Plan has been issued to you as a UnionBank cardholder...
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This page uses JavaScript. Your browser either does not support JavaScript or you have it turned off. To see this page properly please use a JavaScript enabled browser. Insurance Programs Credit Disability & Credit Life Insurance Coverage for Your Future: Credit Life and Credit Disability Insurance In the event of an unexpected accident or illness, make sure you have the right coverage to help protect your family and your assets. MEMBER’S CHOICE Credit Life and Credit Disability Insurance, available through Advantage One Credit Union can help make your loan payments and help protect your financial future. With Credit Disability Insurance, your eligible loan payments will be made...
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