Credit life cover is a policy instated by a credit provider and typically included in the credit agreement. The policy aims to protect both parties should you, as the debtor, be unable to afford payments because of dire circumstances.
It specifically protects you against retrenchment, permanent and temporary disability, dread disease, and death. Should you experience any of these, your monthly installments will be covered for up to a year.
Although credit providers automatically include credit life insurance in their credit agreements, debtors are allowed to change to a different credit life provider. Justmoney, through our trusted partner, offers you the opportunity to switch and save on your credit life insurance by paying a lower fee.
If you have any questions about credit life insurance ask our expert.