You often here credit providers say ‘this loan comes with a credit insurance’ but what exactly does this mean, ok we will break down Capitec Bank Credit Insurance and see what are the benefits of having one.
This is how the Capitec Bank Credit Insurance work, when you apply for loans with a term of more than 6 months and/or a credit card, you must have credit insurance to cover death and/or retrenchment and/or permanent disability. While Capitec offer this insurance, you have the freedom to provide an existing policy for a Capitec credit plan, provided that it meets the minimum requirement according to pricing and benefits.
Capitec Bank offer credit insurance for loans longer than 6 months. So if you are retrenched, or in the event of death, Capitec Bank will settle your outstanding credit amount.
Capitec Bank Credit Insurance Benefits
- The Credit Insurance is available immediately after you credit is approved
- No paperwork is required for this
- Simple claim process
- Immediate death cover
- Retrenchment cover for loans with a term longer than 6 months, within the first 3 months, 50% of the loan will be covered, after 3 months, the loan will be covered in full
- Retrenchment and permanent disability cover on credit cards
