credit life insurance

credit life insurance

Insurance that pays to a lender the full principal balance of a loan in the event of the death of the borrower. It is illegal for a lender to require credit life insurance (or credit disability insurance) as a condition of making a loan.

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Now we are clear that we want to focus on employee benefits, credit life insurance, and the group life insurance market, and really develop a specialised niche for ourselves there because there are no other international brands in that space.
This product provides free group credit life insurance with total and permanent disability coverage to clients availing of the thrift bank's 'Easi-Funds' salary Loan.
The most common practice that is prevalent is that of the use of credit life insurance that was standard when consumers were buying on credit.
It has 90,000 individual insurance policies, and provides retirement benefits group life and credit life insurance for circa 350,000 customers.
The promotion that runs till August 24, includes a twoA[degrees] month grace from first instalment repayment, zero processing fees and free credit life insurance throughout the financing period.
For instance, when customers are transacting with the bank for a mortgage loan, they may have insurance requirements such as credit life insurance or property insurance that can be clubbed with the mortgage.
As more global carriers became involved, products like agricultural and livestock insurance, credit life insurance and a form of small business insurance emerged.
HSBC customers are entitled to free credit life insurance with every personal loan, fee-free credit cards with offers at more than 19,000 merchants worldwide, access to Global View and Global Transfers, which allow customers to manage multiple HSBC accounts in different countries using one login page.
The Qatari bank adds that customers will also benefit from flexible repayment terms, fast approvals, attractive car insurance rates and credit life insurance cover up to the loan value.
In addition, the offer comes with free credit life insurance (Takaful) and up to 25,000 Skywards bonus miles on EIB Skywards Credit Card.
The most common product SME owners can access is credit life insurance that covers an enterprise loan in the event of an entrepreneur's death.

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