“Credit Life Insurance you can trust…”

Switching Credit Life Insurance

In SA, credit providers insist that if you want credit with them then you need to have Credit Life insurance in case of your sudden death and thus obvious inability to repay their money. Most policies also cover your being retrenched or disabled. through the media many South Africans have heard about how the insurance rates offered by the credit providers (or through the credit providers), to consumers when they take the credit, are not that great. Few consumers ever bother to do anything about that though. This whole issue is something the industry is looking at and has been extensively covered at the Credit Industry Forum (CIF) recently. The NCR have also just issued a guideline (non binding opinion) on how these and similar policies should be catered for under debt review. Now a new insurance provider called INCheck have entered the market and say they offer replacement Credit Life insurance you can trust to save your clients significantly on their current Credit Life insurance premiums.

INCheck service debt review clients nationwide with affordable credit life insurance cover. Their specialized policy covers all debt review consumers in the event of death, disability or retrenchment.

INCheck offer a replacement policy which allows them to either put money back into your clients pocket or put the savings towards his / her capital balances so that the client can exit Debt Review in a faster time period. Whichever the Debt Counsellor or client chooses; either way the client can benefit enormously from choosing their cover.

The Process

INCheck firstly determine the current premium vs the INCheck premium; in the event that they cannot save your clients money on their current premiums, they will not cover the client (They say: “we only cover clients who we can benefit!”). Once They’ve determined that they can actually save your clients money, they then replace the policies with their replacement policy underwritten by well known leaders in insurance – Metropolitan Life.

Besides having what they describe as “the most affordable” rates for Credit Life insurance, INCheck ‘s policy operates on a month to month basis. As we all know, with some debt review clients, there is a tendency to occasionally skip monthly payments for a variety of reasons. This causes all sorts of issues with the debt review itself.  It is important to know that should your client skip an installment with INCheck, they would simply not be covered for that month. Interestingly though, when your clients resume their payments, the cover via INCheck continues again for that month.

An Example

We asked them for an example to see if the savings made any difference. INCheck told us about one client who was paying R 1 442.85 per month for his credit life insurance; INCheck issued him with their replacement policy and he now only pays R 179.89 pm – That is a massive saving of R 1 262.96 pm.

Sure that might be an extreme case but imagine how excited your clients would be, if you told them you are putting an extra R 1 262.96 back into their pocket so they could settle their debts faster and still have cover?

INCheck  say;” Currently we offer the most competitive rates for Credit Life Insurance“.  They urge Debt Counsellors to contact them “today to save your clients tomorrow“.

You can find out more about their product offering here: http://www.incheck.co.za/