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 Consumer Credit Insurance (CCI) offers you certain protection against unforeseen events that could cause financial stress if you were required to continue to make loan repayments.
There are in broad terms three types of risk that can be covered, namely–
- death
- sickness or accident; or
- unemployment.
Death cover can protect those left behind who might be responsible for the continued repayment of a loan. For example, a spouse may be left with a significant debt to repay on a single income should their partner have a tragic accident. This cover remove this financial burden by repaying the loan in full. *If, on the other hand; you take sickness and accident cover, then if you have an accident or you become ill and cant work for a period of time, the insurance will make the loan repayments during for an agreed period of time. *
Similarly, unemployment cover will mean that loan repayments will be met for an agreed period of time should you involuntarily become unemployed * .
* Terms and Conditions apply.
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