Credit life that secures loans on death, disability, or retrenchment—so assets and income the loan helped secure stay protected for the borrower’s family, with cover beyond accidents to include illness and natural causes.
Group credit plans
What it is
This solution is designed to guarantee security of loans issued in the event of death, disability, or retrenchment. The hard-earned assets/income that the loan has gone towards securing for a family are then safeguarded for the loanee’s family to continue enjoying.
The scope goes beyond occupational incidents and accidents coverage to ensure illnesses and natural causes are covered. Insurers partner with corporate institutions, banks, and SACCOs that provide finance and credit facilities to their staff members.
Key features of credit life
- Death cover – Outstanding loan is cleared once all documents are filed, with an optional funeral benefit paid within 48 hours.
- Disability cover – Loan is fully settled in case of total and permanent disability due to illness or injury.
- Retrenchment cover – Monthly loan installments are paid for a limited period until re-employment (claimable once).
Top benefits
- Flexible loan protection cover tailored to match your loan term or renewable annually.
- Wide age eligibility designed to suit individuals across different age groups.
- Affordable premiums calculated on the outstanding loan balance at policy start or renewal, ensuring cost efficiency.
Request a quote for group credit life aligned to your loan book or staff lending programme.
