If you are considering debt review or loan consolidation, you must consider taking out a Credit Life policy. South Africa is facing so many uncertainties regarding the rising costs of living expenses and the recent grey listing status, which will ultimately also lead to an increase in debt.
Many South Africans face salary cuts, complete income loss, and even retrenchment. Many people are in desperate financial situations, with no idea how to support themselves and their families. One of the best ways to ensure financial security is going under debt review and getting covered by the insurance that this includes.
As explained in the National Credit Act 34 of 2005, credit life insurance is an insurance policy that covers the repayment of your debt if you cannot make payments due to death, disability or, most pertinently, loss of income due to forced unpaid leave or retrenchment. It is a mandatory part of the Debtline debt review process and an invaluable way of securing your finances.
One of the biggest challenges faced by South Africans is the navigation of the insurance process. You have to factor in your budget, credit score, dependents, debt status, and many more variables that can make the process incredibly overwhelming and confusing. Debtline can advise you on simplifying the insurance process as part of your debt review journey.
Our team of expert, NCR-certified debt counsellors are ready and waiting to assist and guide you to a place of peace, safety and financial security.
We are here for you and will do all we can to protect you in these uncertain and frightening times.