Credit life insurance is an insurance product that covers you (and your family) against the cost of outstanding debt in the case of death, disability or something like retrenchment. It's an important product that makes sure other people won't pay the price of your debt obligations should something happen to you.
As with all insurance products, risk is the primary culprit in determining the cost of your premium.
The exact benefits and payout will be determined by the provider of your life insurance, but typically there are 2 types of life insurance options in South Africa.
Life insurance is a product many of us try to ignore thinking about for as long as possible because of the unpleasant connotations around it. But as it is designed as a means of provision and support for your family in case of loss, there are few insurance products as important.
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