GROUP CREDIT LIFE ASSURANCE PLAN
It also serves the purpose of protecting customers’ dependant’s from the financial consequences of untimely death while there is an outstanding loan against (the customer).
Should death occur, the financial institution recoups its loan from the Capital Express Assurance Limited and avoids the awkward situation of asset repossession.
Similarly, the customer’s dependants keep the asset in the family thereby reducing the agony of breadwinner’s untimely death.
- Cover can be arranged for a maximum of 2 years.
- The maximum age at entry is 59 years
- The benefit payable will be the outstanding loan as at the date of loss
- Premium is expected to be paid as a lump sum
- Policy does not cover default in loan repayment.