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With credit life cover from Pillar you can:
What is Credit Life Cover & How Does It Work?
Credit life insurance is a very basic type of insurance to cover your personal debt, e.g. your home loan, credit card or clothing account, in case of certain events.
These events include death and disability which means, should you die or become permanently disabled to work, the insurer would pay the balance of your remaining debt.
Another type of insurance that some might consider a kind of Credit Life insurance is in the form of a retrenchment benefit whereby the insurer will pay you monthly instalments should you lose your job because of retrenchment.
Normally they will pay you an income for a limited period of time, usually six months, but in some cases you have the option to choose longer periods of time to be covered for. The longer the period the more expensive the premium you will pay.
The last example is not really a true form of Credit Life insurance because you will get a fixed amount every month from the insurer to help you pay your debt and living expenses should you become retrenched.
The amount that you would like to receive every month is chosen at the beginning of the cover and your premium will be based on the cover amount you choose. The higher cover you seek the higher your premium will be.
The true form of Credit Life cover started when banks and other lenders arranged with long-term insurers to design a product that would specifically cover instalment-type debt.
The most important thing to take note of with Credit Life insurance is that the National Credit Act (NCA) made an impact on this kind of insurance. This is because banks may no longer force you to buy their insurance as a condition of your loan being approved.
You have freedom of choice to decide where and from whom you want to buy your insurance.
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3rd Floor, Skyscrape Terrace, Cnr DJ Woodway & SeaView Str, Bellville, South-Africa, 7550
Tel: (021) 945-3354
Pillar Financial Services, is a licensed life insurance company in South Africa. The following financial service provider numbers are provided as required by law: Pillar Financial Services -FSP 35286. Pillar.co.za provides life insurance quotes based on the information provided by person looking for a life insurance quote.
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