Credit Life Insurance takes care of any debt the policyholder may have outstanding during their period of disability, or in the event of death, may leave behind.
- Permanent / temporary disability
- Dread disease
The following are types of loans covered by Credit Life:
- Personal loans
- Vehicle finance
- Credit cards
- Store cards
This insurance is intended to act as security for the policy holder’s dependants should they not be able to cover their debt for any range of reasons – ranging from temporary/permanent disability to death of the policy holder.
The sum assured in this case does decrease on a sliding scale based on the amount outstanding on the debt. The cover is valid for the whole loan contract period, or outstanding period (if you start the policy after the loan was taken out). .
- Permanent Total Disability
….If the policy holder is unfortunately met with permanent disability and are unable to cover debt due to being ….occupationally inactive (not earning any income to cover the debt) the Nestlife Credit Life policy will ensure that ….this debt if taken care of.
….Nestlife Credit Life also covers its policyholders should they lose their jobs for operational reasons. The policy assists ….in ensuring that the outstanding debts incurred or remaining at time of retrenchment, is covered.
- Critical illness
….As a Credit Life client, should a member contract a critical/dread disease and as such can not continue to be ….occupationally active, Nestlife will payout to ensure that their outstanding credit debts are covered.
- Temporary Disability
….Should a Nestlife Credit Life member not be able to continue their employment duties for a period of time, and as ….such not earn an income to cover their debt, the Credit Life policy will payout to appropriately cover the debt for ….this period.