Group credit insurance offers coverage to lenders such as banks or finance companies. The policy pays the outstanding loan balance in the event of the borrower’s death or disability.
Additional benefits may also be included depending on the policy structure.
Policy terms and conditions apply.
Credit life insurance pays off a borrower’s outstanding debts if the borrower passes away unexpectedly. It ensures that the borrower’s family is not left with financial obligations such as loans or credit card debt.