FinLife South Africa
Ensure that you and your family are protected by the very best.
GET CREDIT LIFE COVER NOW
Finlife SA is an authorized Financial Services Provider who holds Professional Indemnity Insurance FSP 48246
Finlife South Africa , bringing affordable insurance to all South African consumers who have debt. This includes consumers who are under debt review, as well as those who are not.
The exact benefits you are covered for, will depend on the specific credit life insurance cover that you have. In these turbulent times, credit life insurance is one of the most needed forms of cover to have. From home loans to unsecured debt – credit life insurance cover on your debt definitely alleviates stress and offers peace of mind.
What is Credit Life Insurance
Credit life insurance is insurance that repays your debt when you are unable to do so due to retrenchment, disability – or if you develop a serious illness and can no longer work. Depending on your cover, your debt will either be paid in part, or in full to your creditors.
Credit life cover also covers your debts in the event of death. This means that the lump sum pay-out from a life policy does not need to be used to pay your debt.
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Authorised financial services provider (FSP)
In terms of the National Credit Act (NCA), credit life insurance cover is mandatory / required by law. A credit provider can rightfully insist that you have a credit life insurance for the duration of your credit agreement with them.
Many credit products such as credit cards, personal loans, vehicle finance and home loans are sold with credit life cover policies. The insurance premiums are included in your installment and the contracts are often signed together or are part of the credit agreement.
However, no credit provider may insist that the credit life insurance policy be held with them. You have the right to choose your insurer.
Cost of cover
Credit life insurance is insurance that repays your debt when you are unable to do so due to retrenchment, disability – or if you develop a serious illness and can no longer work. Depending on your cover, your debt will either be paid in part, or in full to your creditors.
Credit life cover also covers your debts if you die. This means that the lump sum pay-out from a life policy does not need to be used to pay your debt.
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Finlife SA is an authorized Financial Services Provider who holds Professional Indemnity Insurance FSP 48246 | Life insurance products are underwritten by Centriq Life Insurance Company Limtited, a life insurer licensed to conductlife insurance business FSP No. 7370