Credit Life insurance
Dear credit, we have you covered, regards FWC.
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Credit life insurance with Financial Wealth Capital
Specifically designed to cover the cost of your debt if you aren’t able to pay it back due to disability, unemployment or death, credit life insurance can be the lifeline that you need when life is not going your way. It is also the best way to ensure you don’t hand over your debt burden to your loved when you pass away. At the time of your untimely death, your insurer will pay your creditors directly keeping the responsibility for the debt out of your estate.
Frequently Asked Questions
Any questions? Get your answers now.
What is credit life insurance?
Credit life insurance is a type of insurance that is designed to cover the cost of your debt if you are unable to repay it due to disability, unemployment, or death.
Why do you need life insurance?
Credit life insurance protects the consumer’s liabilities in the event of death, disability, unemployment, or other events that impair the consumer’s ability to earn an income to service the debt. The credit provider may require the insurance as a condition of granting credit to the consumer.
What debts are covered by credit life insurance?
Mortgages, personal loans, credit cards, store cards, instalment sale agreements for vehicles, furniture,or appliances.
Is there a waiting period for credit life insurance?
Before the benefit is paid, you must usually be unemployed for a certain amount of time (usually 30 days). Some insurance policies are retroactive and will cover the waiting period.
Can you cancel credit life insurance?
Yes, you are entitled to a full refund of the insurance premium if you cancel within 10 days of purchasing the insurance. You will receive a partial refund if you cancel after the first ten days. In this case, the premium refund amount is usually calculated using the Rule of 78 method.
