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Credit Life Cover


Credit Life is insurance cover for your debt. If you lose your income, your Credit Life will pay your credit providers for you. Credit Life is usually included with the original credit agreement by your credit providers, as a condition of taking out credit, and is always included in your monthly instalment.

SmartInsure can replace and consolidate your Credit Life Cover, reduce your monthly premium and save you money.

Credit Life Cover by SmartInsure will protect your family in the following situations:

  • Death – Your outstanding balance will be settled
  • Temporary Disability – Your instalment will be covered for up to 12 months
  • Permanent Disability – Your outstanding balance will be settled
  • Critical Illness/Dread Disease – Your outstanding balance will be settled
  • Retrenchment - Your instalment will be covered for up to 12 months


Frequently Asked Questions

Credit Life Cover is insurance cover for your debt or money you have borrowed from credit providers in the event of your death, disability, dread disease or retrenchment. This cover protects both yourself and your credit provider from financial loss due to these occurrences.
Death
In the event of your death, the outstanding amount on your debt will be settled and the balance of the cover will be paid to your estate.

Permanent Disability
In the event of you suffering permanent disability, the outstanding amount on your debt will be settled and the balance of the cover will be paid to you.

Dread Disease/Terminal Illness
In the event of you suffering a dread disease (heart attack, cancer or stroke) the outstanding amount on your debt will be settled and the balance of the cover will be paid to you, depending on the severity of the event.

Temporary Disability Cover
In the event of you not being able to work temporarily due to ill health, we will pay your debt installments for a period of up to 12 months.

Retrenchment/Loss of Income Protection
In the event of you losing your income due to forced retrenchment, we will pay your debt installments for a period of up to 12 months.
To protect them from a client not being able to repay the money they borrowed due to unexpected circumstances, the credit provider often requires an insurance policy to be in place before lending money.
You have the right to seek alternative cover other than that provided to you by the credit provider. Where SmartInsure can provide you with the same or better cover at a lower cost, you are able to swop your existing cover and save yourself money. You will need to give your creditor one calendar month notice of cancellation, after which your new SmartInsure policy will be activated.