Debt after death; Credit life insurance

Contrary to popular belief, your debt doesn’t always die with you: sometimes the burden falls on the loved ones you leave behind. Yes, it does seem unfair, and YES, there IS something you can do to ensure that they are not saddled with your unpaid loans!

Ever heard of Credit Life Protection?

Basically what Sacos Insurance Group did was tailor-make an insurance plan to accommodate all banks in Seychelles lending unsecured loans, in case of death and Total and Permanent Disability. As a prerequisite, you have to take this plan prior to loan disbursement. Confused about how it works? Take a look:

Let’s say you take out a loan of SCR100,000 for personal use from your bank. Your bank will ask you to insure the value of the loan before disbursing the amount to you. You, in turn, will contact us for an insurance to provide coverage on this amount. The premium you will pay is one-off and it covers the entire duration of the loan. In the event of your disability, accidental death, dismemberment, and critical illness, your insurance will pay the remainder of your loan amount due to the bank.

On the fence? Consider this: You and your spouse share a loan. You, unfortunately, die.  As a joint borrower, your wife or husband would ordinarily have to repay loans or other debts if a co-borrower dies but a credit life insurance policy would pay the debt for them.

Interest piqued? Take a peek at our website or call us on 429 5000, or send an email to info@sacos.sc for more information on our Credit Protection Insurance product. We’re always happy to help!

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