[Promoted] How credit insurance can cover your debt when the unthinkable happens
Fortunately, having credit life insurance in place is one way of ensuring your debt will be covered should the unthinkable happen.“Disability, retrenchment and death are three words we never thought we would have to face. However, over the past two years with the Covid-19 pandemic, we now realise that these harsh realities are closer to us than we may have realised,” says Elaine Markus, Head of Life Insurance Products at Standard Bank Insurance.
Credit life insurance is a type of insurance that is designed to do just that. Markus explains that if you pass away, the insurance will cover the outstanding balance of your debt. Whereas if you become disabled, contract a serious illness or get retrenched, it will help you to pay your debt for a specific period, or until such time you can resume payments on your own.
Markus advises customers to ensure that they understand the terms and conditions of a policy and the protection offered to avoid any unwanted surprises.
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