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When you, as consumer apply for credit, you most often feel under an obligation to purchase the credit life offered by the credit provider. Remember that you cannot be forced to purchase a life insurance policy from a specific company. If the credit that you are granted by a credit provider is subject to taking out a particular policy, then the provider is guilty of conditional selling which is illegal. You should always obtain various quotations from life insurance companies.
– this pays off outstanding amounts on specified credit agreements. It will, in the event of your death, pay out the outstanding capital on a short or long term debt, such as on a car or home, to your loan provider.
Our Credit Life policy pays your outstanding loan if installments were made in full. So if you maintained your installments, we will provide the cover. If you paid more, then we only pay the outstanding loan. If you missed some installments, we don’t cover the full loan.
If you cede a pure life policy, then the sum assured may well be in excess of the loan, so benefits may be greater than the loan and if there are any benefits left over it will be paid to your beneficiaries.
Benefits of 1Lifedirect?
What does 1Lifedirect offer?
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