CreditCover™
Our CreditCover™ (also known as Credit Linked or Credit Life) is an insurance policy that covers your credit when certain eventualities occur, and you are unable to earn income, resulting in you not being able to make minimum payments on your credit accounts.
This includes:
- Retrenchment Cover
- Death Cover
- Maternity Cover
- Critical illness – Permanent Disability Cover
- Temporary Disability Cover
- Identity Theft Cover
Did you know?
You are most likely already paying for credit linked insurance on your existing credit facilities.
Credit Cover is usually embedded by the credit provider when you, the consumer, takes out a loan, and forms part of your loan instalment.
These are usually expensive and only cover one account.
Benefits you’ll gain with CreditSmart service:
- One CreditCover™ policy to replace them all.
- No medical assessment required.
- Possibility of immediately improving your cash flow.
- Easy claims process, no hassles
- With our competitive rates, you will save thousands of rands.
Frequently Asked Questions
What is CreditCover™?
Credit Cover is a type of insurance policy designed to pay off your outstanding debt in the event of your death, disability, or in some cases, unemployment. It ensures that your financial obligations are covered, relieving your loved ones from the burden of unpaid debt.
Is Credit Cover mandatory?
While Credit Cover is not mandatory by law, some lenders may require it as part of your loan agreement. It’s essential to check the terms of your loan to see if it’s a requirement.
How does Credit Cover work?
When you take out a loan or credit, Credit Cover can be added to your agreement. If a covered event occurs, such as your passing or permanent disability, the insurance policy will pay off the remaining balance of the debt directly to the lender, up to the policy’s limit.
What debts are covered by Credit Cover?
Credit Cover typically covers personal loans, home loans, car loans, and credit card debt. However, the exact coverage will depend on the policy you choose, so it’s important to review the policy terms carefully.
Can I cancel my Credit Cover?
Yes, you can usually cancel Credit Cover at any time, though it’s best to review the terms of your policy or speak with your lender to understand any implications or alternative coverage options.