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Credit Life Cover
What is credit life cover?
How much will credit life cover cost me?
What are the common exclusions and waiting periods on a credit life policy?
Do you need credit life cover if you have life and disability cover?
Test your knowledge on credit life with our quiz
Test your knowledge on credit life with our quiz
Test your knowledge on credit life with our quiz
1. Which statement is false? If you have a credit life policy taken out after August 2017, it must provide cover for:
The repayment of your debt if you are retrenched or otherwise unable to work for the shorter of: 12 months, the outstanding term or until you are able to work again.
Lump sum cover equal to your original debt if you die
Your full outstanding credit balance if you die or are permanently disabled
It is not designed to provide for your family’s income needs after your death
2. Which of these statements is true? A credit provider can:
Insist you take out it’s credit life cover to cover your credit in the event that you die, are disabled or retrenched.
Insist you take out credit life cover but not the insurer you use.
Insist you take out reasonable credit life cover at any premium.
Refuse to accept alternative life and disability cover you have that meets the necessary cover requirements.
3. Which statement is true? A credit life policy can exclude:
Any pre-existing conditions you had ever in your life.
Voluntary retrenchment.
Your death if a criminal kills you.
Disability arising from a mental illness.
4. Which is true? The most credit life can cost you on most credit agreements other than your home loan is:
R450 a month
R4.50 per R1000 of outstanding debt per month when you take out cover
R450 once-off
R45 per R10 000 of outstanding debt
