Credit Life Insurance is a life policy designed to pay off a borrower’s outstanding debt in cases where the borrower faces unfortunate life events and cannot meet their loan obligations.
Great features
The policy will settle the outstanding loan in the unfortunate event of demise of the member during the period of cover
Permanent total disability. The policy will settle the outstanding loan if the event occurs during period of cover
Retrenchment cover (for salaried borrowers). This will help to cover loan instalments for salaried employees for a maximum period of 6 months in the case they lose their jobs through retrenchment.
Last expense cover. Depending on the loan amount, this policy will provide a benefit to the family of the departed borrower to meet the funeral costs.
Eligibility Criteria
The policy covers a borrower who has a loan with a lender for the period of the facility subject to the borrower meeting the terms and conditions of the policy.
Minimum entry age for this policy is 18 years
Maximum coverage age for this policy is 70 years
Get in Touch
Submit your details below to get started with Equity Insurance Solutions