A common reason for defaulting on a consumer loan is the unforeseen death of the borrower and the surviving family members being unable to meet required obligations outlined in the loan contract, which can lead to a significant amount of both emotional and financial distress for the surviving family members during a difficult time.
It is for that reason that our retail car loan products all have complementary Credit Life Insurance coverage. This ensures peace of mind to our individual retail customers and their family. The inclusion of Credit Life Insurance coverage in the each of a our retail finance products means that should a borrower pass away during the term of the facility that the loan contract will be deemed void and no additional repayments will be required*.
* Subject to terms and conditions contained in the loan documentation.