Should anything happen to you while you have an outstanding Ubank Personal Loans – your debt will be covered – and your family won’t have to worry about anything. Imagine if you suddenly lost your job, that would be devastating, but as much as annihilative it is, you won’t have to stress about unpaid bills. Sometimes, one might face a predicament resulting in disability, retrenchment which is involuntary, or even death, anything to prevent you from making usual repayments, Ubank will cover you. The Policy is underwritten by Momentum, once you have taken up the Credit Life Insurance, and you no longer can honor your loan repayments, Ubank has got your back.
Credit Life Assurance’s main and one objective to ensure your debts are paid, in the event that you are unable to do so.
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When you take up a loan with Ubank, you can squeeze in a Credit Insurance, and there will be no penalties when you cancel the policy.
The premiums form part of the loan repayment. Benefits stop when your loan has been paid in full, and/or when your benefit termination date has elapsed.
How does it work
When all the required documents have been received under the terms and conditions of the policy, Momentum will pay the death, permanent disability, and temporary disability benefit. Any surplus will be payable by Ubank to you or nominated beneficiary should you die. First payments will be made at the end of the months from which the assessment period expires.