SACCO Credit Life Insurance
The insurance covers members of a SACCO with outstanding loans against death, total permanent disability, loss of income and critical illness.
The insurance covers members of a SACCO with outstanding loans against death, total permanent disability, loss of income and critical illness. In the unfortunate event of the death of the member during the term of the policy, the outstanding loan amount would be repaid by the insurance company thus relieving the member’s family of the loan liability and eliminating the risk of loss due to death of the borrower to the SACCO.
Benefits
- Eliminates the risk of loan default in the event of death
- Financial relief to the family
- Competitive pricing for the lender
- Better rates on loans.
- Cost-effective
- Convenient administrative and medical procedures
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