Credit Life Insurance Services

Credit Life Insurance - Services

Credit Life Insurance Services

You are currently paying credit life premiums on all or most of your accounts. In most instances credit providers make credit life cover compulsory or approve the loan subject to credit life cover. The costs thereof is often fixed in your installment, which you were not always aware of. With the introduction of the National Credit Act, credit providers are not permitted to do this anymore.  They have to separate those costs, so that you can see the actual cost of credit plus the insurance prior to you signing for the credit agreement.  Credit providers must also ensure that all the benefits and costs are explained to you and you are supplied with a policy document. Furthermore, credit providers should also give you the option of having credit insurance with any company of your choice.

 In the event of death it will ensure that the outstanding debt with the credit provider is settled, leaving your family with all assets and stress free.  In the event of retrenchment, we will cover your loan repayments for 6 months.

Example (Secured Loan / Unsecured loan) – Single Credit Life cover

If policyholder with single credit life cover has an outstanding balance on hi/her loan of R 30 000, the premium for that month will be calculated as follows:

Monthly Premium                        R 30 000 / R 1 000 * R 1.68 = R 50.33

Example (Secured Loan / Unsecured loan) - Joint Credit Life cover

If policyholder with joint credit life cover has an outstanding balance on hi/her loan of R 30 000, the premium for that month will be calculated as follows:

Monthly Premium                        R 30 000 / R 1 000 * R 2.58 = R 77.51

At present the rates of credit life insurance could cost are as much as R25.00 p/ R 1 000 which equates to R250.00 per month on a loan of R 10 000.00.  If you find yourself paying too much on your current credit insurance, call us today for your quotation.

The problem is that most credit providers charge rates that are excessively expensive on credit life cover and do not provide you with alternative products or rates. INCheck Credit Insurance Life rates is R 1.68 and R 2.58 (Single and Joint respectively) per thousand rand which covers the following and more:-

Death

Disability

Critical Illness

Retrenchment – paying your debt repayment for up to 6 months in the event of retrenchment.

INCheck’s credit insurance is a replacement policy, where we cancel your existing credit life insurance and issue your credit providers with a new affordable policy.  This change will start saving you money today, therefore increasing your monthly cash flow instantly.





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