Is insurance part of your financial plan? It should be. Credit Protection Insurance is the difference between having to pay for losses from your own pocket, and having your financial security protected.
What is Credit Protection Insurance ?
If you have a credit card, overdraft facility, mortgage or any other loan, Credit Protection Insurance is a good plan for you. It is designed to cover any existing indebtedness in full in event of death, critical illness or accidental dismemberment. This means you or your next of kin can eliminate or manage your debts more easily during a physically and emotionally demanding time. It also ensures that you, your family or guarantors need not worry about the burden of debt in the midst of difficulty.
Creditor Life vs Term Insurance
CREDITOR | TERM | |
Eligibility | Limited coverage is available with no evidence of insurability. No health requirements | Persons are generally required to qualify for coverage by providing proof of health |
Payout | The coverage amount and potential benefit decreases as your outstanding balance decreases | The coverage amount is fixed throughout the term of the coverage |
Beneficiary | The Lender is the beneficiary and any claim settlement following an insured event is used to reduce or pay off outstanding balances | The beneficiary is selected by you |
Portability | Creditor insurance is applicable to the specific loan or credit facility provided by the lender | Coverage is for a specific term and is portable |
Contact Insurance
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