The impact of Covid-19 has been devastating to many households, so extending these benefits at no additional cost will alleviate some of the pressure on customers who already have cover, but suffered a full loss of income, the statement says.
First National Bank is extending credit life benefits to customers to protect them against the financial impact of Covid-19.
Credit life insurance — which covers your debt in the case of unforeseeable events such as retrenchment, disability or death — is not always mandatory. But when it is, you are at liberty to choose the provider of the insurance.While most banks are extending the term of your original credit agreement, FNB has opted instead to pay your instalments by way of a separate credit agreement , which attracts interest at the prime rate.
“Customers who had invalid claims for this reason, during the Covid-19 period from 16 March, may be eligible to claim,” according to a media release issued by FNB. “The benefit extension will significantly increase the number of customers who can claim from their policy and ease the financial burden during these difficult times. In instances where our customers have not been retrenched but are unable to earn an income over this period, and who meet the criteria of the new benefit, will have these claims honoured,” says Lee Bromfield, CEO of FNB Life.
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