What is Credit Life?
- 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.
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.