Features of Credit Life Insurance

  1. The duration of the cover is usually 60 months or less
  2. The loan amount involved will be about $ 5,000 (Five thousand Dollars) or less
  3. In most cases, medical examination is never required
  4. It only covers the outstanding loan amount.
  5. It does not cover default or arrears of the borrower (i.e. Unpaid repayments while borrower is alive)
  6. Claim amount is based on the repayment schedule of the Loan
  7. Claim amounts are normally paid to the Lender on production of the death certificate.


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