Credit Life Insurance
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BENEFITS
This cover is for loans/credit taken by an insured from financial institutions. In case of death/illness/disability, the insurance company pays the Bank the outstanding loan balances, hence the family does not need to sell property acquired in order to pay the loan.
APPLICATION REQUIREMENTS
We require the following documents for new applicants.
- full names of the borrower, loan amount, date of birth and name of the bank providing the loan in case of an individual.
- In case of a bank, we require total loans offered and loan balances on each account at the time of cover. Maximum and minimum loan amounts, age limits and rate of default.
