Credit Life Insurance

Insurance that covers your outstanding loan balance in the event of death, disability, or retrenchment. Under the National Credit Act, lenders may require credit life insurance but must allow you to use your own insurer.

Usage Examples

"The credit life insurance premium adds R85 per month to my loan repayment."

"After he was retrenched, his credit life insurance paid off the remaining R45,000 on his personal loan."

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