Credit Life
Cover your debt if you die, are disabled or lose your income
Credit life insurance covers the repayments on a specific debt, such as a loan, vehicle finance or store account, if you die, become permanently disabled or lose your income. It is often required by lenders, but under the National Credit Act you can choose your own provider.
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Credit Life Insurance in South Africa
- Death
- Permanent disability
- Loss of income
What's covered
What credit life covers
Death
Settles the outstanding balance on the debt so your family does not inherit the loan.
Permanent disability
Settles or covers the debt if permanent disability stops you earning and repaying.
Loss of income
Covers repayments for a limited period if an employed borrower is retrenched or loses their income.
Why it matters
Why credit life matters
- It stops a specific debt from falling on your family if life goes wrong.
- You can substitute your own policy under the National Credit Act, which can be cheaper.
- The cost is capped by regulation and falls as you pay the debt down.
At a glance
- Death
- Permanent disability
- Loss of income
Guides
Credit life guides
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Credit life questions
Is credit life insurance compulsory?
A lender can require credit life cover as a condition of a loan, so it is often compulsory to have it. What is not compulsory is taking the lender's own policy. Under the National Credit Act you may substitute your own policy of at least the same cover, which can be cheaper.
Who gets the credit life payout?
The lender does. Because credit life is tied to a specific debt, the payout settles or covers that debt rather than going to your family. That is the key difference from ordinary life insurance, which pays a lump sum to your chosen beneficiaries for any purpose.
Can I choose my own credit life provider?
Yes. The National Credit Act gives you the right to provide your own credit life policy instead of the lender's, as long as it offers at least the same cover. The lender must accept a valid substitute, so you can shop around for a cheaper policy while keeping the required protection.
