Credit Life Protection

The credit life product covers a series of events and can be specifically packaged for a client’s needs.  The benefits payable can either pay the outstanding balance or the monthly instalment under a finance agreement, depending on which event has taken place.  This product can be sold where there is any debt or finance agreement.

Events which are covered include Life, Permanent Total Disability and Critical Illness – these usually pay the outstanding balance on the finance agreement.

There are eligibility criteria in the form of age and health declarations.  The policy usually expires when the client reaches the age of 65 years and the policy is linked to the finance agreement.

NB: This is merely a Summary, please read the policy for all terms, conditions and exclusions regarding this cover.

Benefit overview

Death

In the event of death, the settlement amount (excluding arrears and additional capital charges) due on your Finance Agreement will be paid as at date of the incident/occurrence which caused the claim, excluding any condition arising from a pre-existing condition/s.

Total and Permanent Disability

Should you be totally and permanently unable to work in your own/similar occupation which you are reasonably able to do, given your qualifications, status, training, working and/or occupational experience, the settlement amount (excluding arrears and additional capital charges) due on your Finance Agreement will be paid as at date of the incident/occurrence which caused the claim, excluding a disability or condition arising from a pre-existing condition/s.

Critical Illness

Should you be diagnosed as suffering from any of the following Critical Illnesses: Heart Attack, Stroke, Cancer, Coronary Artery Disease requiring surgery, Kidney Failure, Major Transplants and Paraplegia (excluding pre-existing condition/s) the settlement amount (excluding arrears and additional capital charges) due on your Finance Agreement will be paid as at date of the incident/occurrence which caused the claim.

Temporary Disability

Should you suffer a loss of normal income from your own/similar occupation as a result of illness or bodily injury (Temporary Disablement), the benefits will commence after a deferred period of 30 days.  The disability will be reviewed at regular intervals as determined by the insurer. The full monthly instalment will be paid or a proportion thereof if you suffer only partial loss of income.

Retrenchment/Redundancy

Should you be retrenched or made redundant we will pay a benefit equal to the full monthly instalments due on the Finance Agreement up to a maximum of 4 (four) full monthly instalments.  (This option is only available for permanently employed individuals and not available to self-employed person or contractors)  

Hospitalisation

Should you be hospitalised and after an initial 7 days in hospital, we will pay a benefit equal to the full monthly instalments due on the Finance Agreement up to a maximum of 4 (four) full monthly instalments.  (This option is not available to permanently employed person, the hospitalisation Benefit will apply to self-employed persons and contractors.)

NB: This is merely a Summary, please read the policy for all terms, conditions and exclusions regarding this cover.

Credit Life Protection Sales Guide