Avoid loan
defaults
Ensure debts you owe are cleared despite setbacks
that may arise and impede you from doing so.

What is Credit Life?

This policy covers loan balances owed to financial institutions by the insured person/s upon the demise, disability, or job loss of the debtor.
What's in it for you?
  • It covers the permanent disability of the borrower.
  • This policy covers the loss of a job by the borrower.
  • It also protects the lender against the risk of credit default in the event of death.
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How does it work?

Credit Life Assurance protects a lender against the risk of credit default in the event of death, disability, or loss of a job of the borrower. The insurance pays the lender, not the consumer, in the event of a loss.

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    • The cover provides the bereaved family with peace of mind that any remaining amount on the loan will be paid.
    • It saves the deceased’s family from falling into debt as a result of the unexpected financial burden experienced by the death of the borrower.
    • It cushions the bank or financial institution against financial risk, encouraging them to increase lending.