Group Credit Life Insurance

Assurein Insurance > Group Credit Life Insurance

Life is full of uncertainties, especially where credit is involved. Therefore, as a lending institution, it is important to ensure that you are covered for any finance or credit that you may advance to your clients in case of unforeseen circumstances.

What does Credit Life Insurance cover?

Credit Life Insurance is a life policy designed to pay off a borrower’s debt if that borrower dies, becomes disabled or is retrenched before the loan is fully paid back to the lender.

Key Features of the cover:

Death: In case of death (due to accident or illness) of a Borrower, the outstanding loan amount of the Borrower is paid to the Bank
Permanent Total Disability (PTD): In case of permanent total disability (due to accident) of a Borrower, the outstanding loan amount of the Borrower is paid to the Bank
Critical Illness: Covers a first positive diagnosis of a critical illness, of a borrower (Heart attack, Cancer, Stroke, Kidney failure, major Organ Transplant, Coronary Artery Bypass Surgery & Paraplegia)
Retrenchment: Covers loss of employment/Involuntary termination of employment. This means without the employee’s fault, their employment is terminated through the employer’s initiative.

WHO NEEDS CYBER LIABILITY INSURANCE?

All businesses, whether your organization is a start-up, a non-profit or a multinational, the right insurance can keep your company up and running in the face of a cyber-attack.

Levels of exposure are further complicated through the outsourcing of business functions to third parties such as payroll processors, data back-up and cloud related services.

What are the benefits of Credit Life Insurance?

Protects the lending institution against risk of losing money.
The family of the deceased also gets to keep the asset/property that was financed by the borrowed funds even after the death of the borrower.
Removes the strain of repaying loans by the families of the departed member.
Provides a more economical coverage because of mass purchase and group discounting.
Premium is lower than individual insurance.

What is the Target Market?

The cover is meant to protect the lending institutions that advance Mortgage loans, Personal loans, Instalment finance, Overdraft facilities or Credit card facilities against risk of unexpected death, disability or even loss of employment of a borrower.

Mostly, the policy is effected by the financier on the lives of the members to whom credit is being offered. Hence the financier becomes the Assured and the borrowers are the Members of the group credit scheme.

What is required to place cover?

The following are the details required per member for the policy to be effected: –

Debtors’ Names
Date of Birth of the Borrower
Type of loan
Amount of Principal loan granted
Repayment Period/ Duration of Loan (in months)
Loan Start Date
Interest Rate per annum charged on the Loan.

Insurance agent explaining insurance policy to customer.

How Do I Start?

Talk or email us at Assurein, we will assess your needs and assist you tailor a comprehensive risk management program that addresses your specific needs.

Alternatively, you can fill the form below and our team will get back to you as soon as possible.

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First Name

Sir Name

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Phone Number

Cover to start on this dateof appointment

Organization

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