Group Credit Life

This is a life insurance policy designed to pay, for a borrower, the remaining principal balance, assuming the borrower had made all the due installments.

The policy applies in case of death, disability or even loss of employment of the borrower of a lending institution during the term of their loan.

Lending institution includes: Banks, Microfinance and Saccos.


What is the purpose of Credit Life Insurance?

The cover is meant to protect the lending institution against risk of unexpected death, disability or even loss of employment of a borrower. This ensures that the lending institution gets paid.


What are the benefits of Credit Life Insurance?.

  1. Protects the lending institution against risk of losing money.
  2. 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.
  3. Removes the strain of repaying loans by the families of the departed member.
  4. Provides a more economical coverage because of mass purchase and group discounting.
  5. Premium is lower than individual insurance.



Features

Death:

Covers death of a borrower due to illness, accident or natural causes.

Permanent Total Disability [PTD]:

Covers permanent total disability, of a borrower due to an accident.

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].

Cover can be extended to cover the nuclear family for the same amount.

Funeral Expense Cover:

Payment to cater for the immediate burial costs upon death of the borrower

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.

Deposit Cover:

Pays an equivalent of a multiple of the member’s savings to his beneficiaries upon his unfortunate death.

If you are interested in learning how much Group Credit Life insurance would cost you, or if you are interested in purchasing Group Credit Life insurance, please click Get Cover.

If you would like further explanation or assistance about how Group Credit Life insurance can help your business, please click I Need Assistance.