Our Credit Life or Consumer Credit policy offers cover in the event of death, disability or retrenchment from the debt repayments or the outstanding loans.
In event of retrenchment your monthly agreed instalment is paid to the creditor as set out in the terms and conditions of your policy wording.
In event of disability, temporary or permanent, your instalments are paid to the creditor.
In event of death an amount equal to your outstanding balance as set out in the policy schedule will be paid out to creditor.
The policy is ceded to your creditor and therefore no beneficiaries are added.
This will depend on the cover you have taken and will be set out in the policy schedule and policy wording which must be read in conjunction with each other.
Yes, this is set out in the policy wording and policy schedule. Any pre-Existing medical conditions must be disclosed.
No, the payments should your claim be authorised will be made to the creditors as set out in your policy schedule and as per terms and conditions as set out in the policy wording.