Credit Life Insurance

• Credit Life Insurance protects your family and loved ones from incurring a financial burden caused by your credit debt in the event of your loss of life.
  
• After deducting any credit debt, any remaining balance from the compensation is paid to your beneficiaries by the bank.
  
• In the event of taking out a credit with a term longer than a year, calculations are based on coverage that declines over the years. As a result, you pay less in premiums as the paid off debt is deducted from the coverage.
• You can deduct the premiums you have paid from your taxable income, to obtain tax advantages.

Personal Loans, Mortgages and Car Loans can be insured.

Loss of Life Coverage:  The coverage amount is determined depending on the amount of credit you have taken out. In the event of the policyholder's loss of life, his/her credit debt is paid off based on the coverage amount stated on the certificate. Any remaining balance after paying off the credit debt is paid to the beneficiaries of the policyholder.

• Alternatively the insurance period can be set at any number of years, ranging from a minimum of one year up to the credit term. Premiums will be charged to your account or credit card to renew your policy, in the case you request automatic renewal for your annual policies. 
  
• Anyone between the ages of 18 - 69 is eligible to apply for Credit Life Insurance. 
  
• Insurance premium amounts vary depending on the coverage and age.
  
• Insurance premiums may be charged to an account or credit card, either in a lump sum payment or in installments. You may also pay the insurance premium by adding the amount in the credit request.