Credit Life Insurance refers to Insurance covering borrowers of lending institutions such as Banks, Sacco’s, and Micro Finance Institutions. The cover protects the financier against the risk of unexpected death or disability of a borrower of which the insurer makes good the obligation of the borrower to the Financier. BENEFITS The credit Life insurance benefits both the financier and the borrower some of which are enumerated below:-
1. Protects the financier against the risk of losing money.
2. The family of the deceased also gets to keep the asset/property that was financed by the borrowed funds even after the death of the borrower.
3. Removes the strain of repaying loans by the families of the departed member. -Provide more economical coverage because of mass purchase and group discounting.
We Cover:
1. Credit Life (Death)
2. Permanent Total Disability
3. Critical illness
4. Last expense (Funeral expense)