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Read the actual policy
Credit life insurance may cover a debt or payments after specified insured events. Cover varies: inspect the policy schedule, insured events, waiting periods, exclusions and maximum benefits. A calculator checkbox does not arrange insurance.
What this calculator assumes
The model uses R4.50 per R1 000 of outstanding principal per month. For R5 000 over five months at the standard settings, modelled premiums total R69.69. This is a calculation setting, not a premium quote or a statement about the cover available from the external provider.
Check the parties and alternatives
Identify the insurer and any intermediary on the documents. Use the FSCA search to check the relevant firm and its authorisation. Ask the lender whether cover is required, what alternatives it accepts and how a substitute policy affects the repayment schedule.
If you need to claim
Use the insurer’s claims contact and document list in your policy. Keep the reference number and tell the lender that a claim is being assessed. Do not assume repayments have stopped or the debt has been settled until this is confirmed. See payment difficulties.
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