I love how the banking system works in South Africa, especially when it comes to insurance. So many companies and businesses in South Africa are really in the means of meeting customer’s needs, and when they’ve taken care of you, they still protect you against all odds. The African Bank Credit Life Insurance ensures that your debt is settled should anything happens to you – Your debt is automatically covered when you take up any credit products with African Bank, either a Gold Credit Card or a Silver Credit Card or a loan (BUT IT’S YOUR RESPONSIBILITY TO ENSURE THAT YOUR DEBT IS COVERED)
It may happen that you get retrenched at work, these are unforeseen circumstances, however, should such occur, your repayments will be covered for up to 12 months, in that period – I would advise you to get another job.
Imagine when you’ve been earning a satisfying salary for the hours that you work, and suddenly your hours get reduced together with your salary, well, African Bank will be able to cover your payments for up to 12 months should that happens to you.
Sometimes we are forced to take unpaid leaves, in some cases we get injured at work and or we get disabled temporarily you will be covered for 12 month should you encounter a permanent disability, your debt will be settled in full just as with the unfortunate event that you pass on, your debt will be covered in full.
What’s not covered?
- You are only covered for death and disability when you are self-employed or are a pensioner on Loan and Credit debt.
- There is a waiting period of 90 days before you are covered for retrenchment, reduced hours and compulsory unpaid leave.
- You will not be covered if you were aware of your retrenchment before opening the policy.
- If you quit your job, retire or voluntary retrenchment, you not be covered.
- If you take part in protests and lock-outs you will not be covered.
- If you get kicked out of any criminal offenses and or forfeit your salary, you will not be covered.
- If you knew about your medical conditions 12 months before opening your policy, you will not be covered.
- Suicide is not covered as well as self-inflicted injuries.
- If you pass on or be disabled due to the cause of the use of nuclear, biological or chemical weapons, you will not be covered.
- Should you die or be disabled due to participating in a crime, you will not be covered.
- If you participate in any hazardous (Involving risk or danger) activities, and by result, you die or get disabled, you will not be covered.
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