What is Credit Life Assurance?
- This policy provides for the payment of an outstanding loan in the event of the occurrence of the death/critical illness/permanent disability/job loss of the policyholder.
- Consumer loans covered usually do not require any form of collateral, although a steady source of income is usually a criteria for eligibility.
- The product is designed to secure consumer loan holders against the financial risk of death/critical illness/permanent disability/job loss before repayment of the amount owed.
- In the event of the death/critical illness/permanent disability/job loss of the borrower within the policy term, and before completing the loan repayment, the loan outstanding (at the date of death/critical illness/permanent disability/job loss) becomes payable to the financial institution thereby restricting the financial institution from assets repossession/sales.
The Old Mutual Credit Life Assurance is an insurance policy that you as a borrower can take out to pay your lender at a time when you can't pay. So if you were to pass away, get laid off, or become unable to work due to a disability that prevents you from making your scheduled loan repayments, the Credit Life cover will repay part or whole of the loan by making payments to your lender on your behalf.
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- Debtors’ Names
- Amount of loan granted
- Repayment Period
- Type of loan
- Interest rate applicable
- Provide original death certificate or medical report.
- Submit original burial permit.
- Provide original I/D or Birth certificate.
- Submit a marriage certificate in case of spouses.
- Provide police abstract if death is as a result of a road accident, assault or murder.
- Non-payment of premiums are considered
- Inability to substantiate the claim
Yes, installments can be made in annual, biannual, or quarterly installments.
No, your policy is not transferable
A renewal notice will be sent to you before the expiration of the policy.
Your policy document will be ready 24 hours after a certificate has been issued.