When it comes to borrowing from a financial institution you will usually have two options: Secured or unsecured loan. For both types of loans, you are obligated to repay the full balance even if something happens to you. Sacos Mortgage/Credit Life protection is here to provide you and your family the financial security and therefore pays off your loan should you become permanently disabled or pass away before your loan is settled. So how does this work?
How does Sacos Mortgage Insurance Plan work for Secured loans?
Usually for big ticket items, like a house or a vehicle, a secured loan comes with the assurance that you will provide the lender with some form of collateral — something that has monetary value equivalent to or greater than the amount you’re borrowing (like a mortgage) and the collateral acts as security for the lender. This protects them from loss if you fail to repay the full loan.
Sacos Mortgage/Credit Life Protection is designed to help pay off your outstanding loan balance in the case of your Total and Permanent Disability or death as Sacos will pay the balance to your lending institution and remove the mortgage on your property, saving your loved ones from worrying about debts and financial burdens that was initially not their own as well as protecting your asset.
How does Sacos Credit Life Insurance Plan work for Unsecured loans?
Unlike secured loans, an unsecured loan isn’t attached to any collateral. Unsecured loans include personal loans for purchase of household items, or holidays and credit cards. As with a secured loan, when you take out an unsecured loan you and the lender agree to certain terms for repayment and although there is no security for an unsecured loan, if the loan is not fully repaid, the lending institution can take legal action against you to recoup some or all of the debt.
Our Credit Life Protection is designed to protect you and your family from having to pay the balance of your loan in the case of your Total and Permanent Disability or death as Sacos will pay the balance to your lending institution, again saving your loved ones from worrying about the debts and financial burden.
So what is the process to purchase a Credit Life/Mortgage protection insurance from Sacos?
Prior to disbursement of your loan from the bank, you have to contact us for insurance and pay a one off premium that will cover your entire duration of your loan. In the event of your total disability, accidental death, and critical illness which will prevent you from working again, your bank will raise a claim directly to Sacos and we will pay the balance outstanding.
Taking your loan between now and 18th December?
We have good news! All new credit life/mortgage insurance client will enter a draw to win a return ticket to Dubai as well as SCR5000 allowance, while all new mortgage above SCR700,000 will get a free Fire Only Policy for one year for their house.
Whatever your needs we are more than happy to assist. Simply call us on 429 5000, send an email to firstname.lastname@example.org, or complete your details on our request a quote on our website https://www.sacos.sc/here-for-you/credit-protection-insurance/ and an officer will get back to you.