Payment Protection
Keeps loan repayments moving if illness, injury or redundancy stops your income.
Read more →Loan & Credit Protection
Credit Life
Settles an outstanding balance on death, paid to the lender.
What this cover does
Credit life is written against a specific debt, with the benefit decreasing as the balance does and paid straight to the creditor. It is simple and usually needs little or no medical evidence, which makes it useful where ordinary life cover is hard to obtain.
Typically included
- Outstanding balance settled on death of the borrower
- Benefit reducing in line with the debt
- Payment made directly to the lender
- Simplified or guaranteed acceptance on many plans
- Joint cover on a shared account
Common add-ons
- Credit disability combined in one plan
- Single-premium or monthly payment options
- Cover for revolving credit as well as instalment loans
Questions
What people ask about credit life
Is term life better value?
Usually, for anyone who can be medically underwritten — it pays more per dollar and your family chooses what to do with it. Credit life earns its place where health makes underwriting difficult or the debt is short.
Can I cancel it?
Yes. Credit life is generally voluntary and cannot lawfully be made a condition of the loan. If it was presented as mandatory, tell us.
Often taken together
Related cover
Mortgage Protection
Clears or covers the mortgage if you die, become critically ill or cannot work.
Read more →
GAP Insurance
Pays the shortfall between what the insurer settles and what you still owe.
Read more →Quote Credit Life
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.