Credit Life insurance is an aspect of Credit Insurance that provides for the payment of a loan balance to the Lender in case of the untimely death of the borrower.
It may also cover disability and involuntary unemployment such as retrenchment. This means that an individual who has purchased credit life insurance should not worry in case of being retrenched of disabled. Some disabilities will render you not fit to work. The insurance firm will pay the Loan installments in case of such.
There is a high demand for Credit Life resulting from increased financial transactions such as Unsecured Personal loans, hire purchase and Cooperative Society loans in Kenya today.
