Do you have credit life insurance to cover you?
If one can take anything away from 2020, it is to expect the unexpected. Many South Africans experienced severe financial stress due to retrenchment or in worse cases, due to unexpected fatalities caused by Covid-19. Considering this economic and humanitarian disaster caught many off guard, the need for Credit Life insurance is becoming more and more apparent.
The national lockdown caused many individuals to turn to their own Credit Life insurance providers to support them through these tough times. Do you have credit life insurance to support you?Debt is something which everyone is likely to encounter in their finances in their lifetime. In many cases, debt obtained may feel very manageable and in control. However, should disaster strike (like Coivd-19 has shown us all) you want to know that someone’s got your back with your debt repayments. Someone like Moku, with Meerkat.
Having Credit Life Cover with Meerkat means that you can protect yourself and your loved ones from debt repayments when the unexpected happens. Providing you with that extra security for you and your family. We paid hundreds of claims during the lockdown of 2020 and ensured our clients debt repayments were made in full when their employment status changed.
What is Credit Life Cover and why do I need it?
Credit Life is insurance cover for your debt. It protects you should anything happen to you that prevents you from making your monthly debt repayments. Your insurance will cover you in the event of death, disability or retrenchment
Are you overpaying for you Credit Life Insurance?
Did you know that credit life cover is often automatically added to your unsecured debt? Have you checked your latest statements? Do you know how much you are paying?
Meerkat’s Credit Life insurance is cleverly designed to replace multiple credit life policies that you have wrapped up in your debt. This is to make your life easier and provide you with one single, comprehensive and affordable policy. Remember, it is within your own right to have a separate provider for credit life cover as to whom you are borrowing from. Our credit life insurance is underwritten by Old Mutual Alternative Risk Transfer Limited (OMART) so you can be assured you are in safe hands.
If you have a sizeable amount of debt and believe your dependency on your salary to make your debt repayments is leaning towards ‘too close for comfort’. Give yourself that peace of mind and make sure you have the right credit life insurance in place.
How is Credit Life cover regulated?
Credit Life Cover is regulated to protect consumers. By law, the maximum premium that can be charged by credit providers per month is capped at R4,50 per every R1000 borrowed. For example, if you have borrowed R50 000, the maximum credit life insurance that you should be charged is R225 (R4.50 x 50) per month.
The regulations further ensure that all Credit Life Providers have standard benefits. Meaning that regardless of the provider you choose, you will at the very least be covered for death, disability and retrenchment. All in all, the law protects you from being overcharged and most importantly, you are allowed to choose and make educated decisions to shop for a policy that suits you and your needs.
At Meerkat we believe that your credit life cover should be affordable. Meerkat offers different and personalised rates based on your financial circumstances, starting from just R2.50 per R1000 of debt each month
Am I suitable for this product?
You can qualify for Credit Life insurance with Meerkat provided you are between 18 and 54 years old and have a suitable employment status. In order to find out if you are eligible for this cover, feel free to contact Meerkat directly for more information.
Do I need to have any Medical Test to qualify for this product?
No, with Meerkat there are no underwriting requirements to take out this cover. The requirements for credit life cover is photographic proof of:
- ID Document of Life Insured
- Selfie of Life insured.
What do our clients have to say?
I am very happy with this company. They helped me save money on my credit life insurance . And the funeral cover is affordable and easy to get. 5 stars! - Mpho .L (March 2021)
Meerkat insurance is an outstanding company, their credit life insurance products are affordable and have actually saved me money each month. The staff are very helpful and professional. - George. J (March 2021)
Hopefully you’ve come to grips with what Credit Life Cover is and why it should no doubt be an important part of your finances if you have debt. Meerkat can offer you sound advice and an option for your credit insurance should you wish.
Moku is always #lookingoutforyou