Should you become permanently disabled as the result of an injury, contract a serious illness, or even pass away, your loved ones may find themselves unable to continue paying your outstanding debt. Credit Protection offers you the peace of mind knowing that in such event, an amount equivalent but not exceeding the amount outstanding as defined in the Credit Agreement will be settled up to a maximum amount not exceeding R1 million.
Death Cover will run until age 75, Disability, Retrenchments and Loss of Income until age 65, and Critical Illness until age 60. In the event of Retrenchment or Loss of Income the full monthly instalment will be covered up to a maximum of R20 000 per instalment up to 4 months or until you are re-employed under the Retrenchment benefit or recovered from the Illness or bodily Injury under the Loss of Income cover.
In the event of a Temporary Disability your instalments will be covered for a maximum period of 12 months up to a limit of R18 000 per instalment.
There is a 90-day exclusion period from date of inception with regards to Permanent Disability, Critical Illness, Retrenchment and Loss of Income benefits.
You must be in full-time employment to be eligible for the Retrenchment cover.
PinnAfrica is to be notified of the incident within 60 days of the claimable event.