The Covid-19 pandemic has shown us that anything can happen at any time and unfortunately, we need to prepare for the worst. It has also exposed the importance of credit life insurance. You can never be too sure about the happenings of the future, but you can prepare for It.
Credit Life Insurance is a type of life insurance policy designed to pay off your outstanding debt should the unexpected happen. The value of the credit insurance is tied to the balance on the debt. There are various events you can claim for such as retrenchment, temporary and permanent disability, critical illness and death.
Usually, you are legally required to take out credit insurance when you borrow money or use certain credit facilities. The credit insurance provider must be specific about the benefits and its payment plan.
Keen to know more?
- Credit Insurance not only covers your debt in the event of death but also covers disability/illness and retrenchment.
- It is important to thoroughly read through any credit agreement before signing. If you are unsure about how you are protected or you don’t understand certain terms or clause always ask for an explanation.
- Make sure you never pay more than you should. Request a detailed financial breakdown.
- Choose wisely which insurance best suits you and make sure the policy is underwritten by a recognized company. Take into consideration your health history, work environment, and loan amounts. These are elements that will help you pick the best suitable insurance for you.
- Should the unexpected happen, call your credit insurance provider and they will walk you through the claiming process.
- You cannot claim when you are still earning an income even though the outcomes of this pandemic may have resulted in a reduced salary. It is recommended that you arrange with your provider to try pay less monthly premiums for a while.
- Make sure that your family is aware of your policy so that in the event of your death they are able to claim.
Meerkat Credit Life Cover
Meerkat offers comprehensive over including death, temporary and permanent disability, critical illness and retrenchment benefits. Cover is easy to sign up for and our competitive premium may save you money.
We also offer an easy digital claims process so you can do everything easily from the comfort of your own home. Check out Meerkat for more.
How Meerkat Credit Life Cover has helped?
Covid-19 hit us all hard. There are people who lost their jobs, and those who lost their loved ones. We have been able to help many of our clients under debt review as they were also covered by Meerkat’s credit life. We have paid out R1000’s on behalf of our clients to maintain their debt repayments when they faced retrenchment and prevented their creditors from taking further action.
You can never be sure of what lies ahead, plan for the unexpected and be financially secure.