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If you have credit then you probably have credit life cover on that credit account. Credit Life insurance normally covers debt obligations in the event of your death, disability, a dread disease or retrenchment. Not all policies cover all these things but a good one should.

This cover costs you money each month. How much ? Well, check your account statements and find out.

If you want to know if you are getting a good rate on your insurance on the account you need to work out how much you are paying per R1000 (this is the industry standard way of looking at the cover) So you can calculate the rate you are paying for your cover by dividing the debt amount by 1000 and then dividing the premium by this amount. For example if the loan amount is R10 000 and the premium is R80 then divide R10 000/1000 = 10 then divide the premium R80/10 = R8 per R1000 of cover. Now you can phone around and get comparative quotes per R1000 from other insurance providers.

Otherwise you can call your credit provider and ask…after they send you around the switch board a few times you should be able to find out.

If you have several accounts or have accounts with high balances then a change may benefit you but make sure you are getting the same benefits.